Once again the market pops above Dow 25,000 but can't hold above it. Two hours before the close and a 350 point gain has taken a 50% haircut. Let's see where it is by the time I finish this.
The Dow has bounced back from its Feb 9th low just shy of its 61.8% Fibonacci retracement, a typical Wave 2 counter-trend before the big one, a Wave 3 down. Since our DJIA intermediate term model is still short, and will be below until about 26,000, the higher it goes, the less it will take to turn everything back to the upside. The chances of that still remain meager at best, but we will keep that scenario in view should the Dow climb back above 25,000...and stay there.
No one ever said this sucker would be easy, but it offers one huge bang for its buck if and when we get another leg up in bitcoin. Just like 25,000 in the Dow, the Maginot line is at $10,000 for bitcoin, and as seen in the chart below, 14.82 for GBTC.
As promised: 90 minutes before the close the Dow is at 25040,up 250 puts, still 100 points below its daily high, and just barely above 25,000.