Swissblock’s chief macro strategist is predicting major moves by Dogecoin (DOGE) rivals ahead of a potential high for the risky asset.
Henrik Zeberg told his 155,900 followers on social media platform
“WIF: Wait for the pop!”
Looking at his charts, the analyst suggests that WIF is printing a series of higher lows and higher highs on a 4-hourly basis.
In June, analysts used Elliott Wave Theory to predict that WIF would explode to the $55 level.
The theory is that assets tend to have five-wave rallies, with wave three being the longest and strongest.
At the time of this writing, WIF is trading at $2.93, up nearly 10% in the last 24 hours.
Zeberg also warned that a potential explosive rally could be forming in financial markets.
In technical analysis, a blow-off top refers to a sharp rise in price action followed by a sharp drop.
“Blow-off tops are evolving! October is going to be amazing. The same goes for November. But the economic bottom is worsening. The average unemployment rate is rising. This is a structural weakness of the economy. Forget about the revised NFP (Non-Farm Payroll) numbers. This is real progress in the economy. “Consumers are experiencing difficulties,” he said.
The Economist shares a chart predicting that the Dow Jones Global Indexes, a collection of indices that measure the performance of global stock markets, will begin to plunge on November 11.
He said a market crash would trigger one of the worst recessions on record.
“What’s going on with what I said? This explosive tower has been called since October 2022. Now we are almost at the final stage. While everyone is excited! The biggest recession since 1929 is approaching. It’s not just deflation. But with the Federal Reserve intervening, stagflation also occurs.”
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