Former Goldman Sachs executive Raoul Pal says gold, stocks and Ethereum (ETH) are all showing patterns signaling big rallies are coming.
The macro guru tells his 991,200 Twitter followers that the precious metal is forming an inverse head and shoulders (H&S) chart, indicating an imminent upward swing.
“Lots of interesting market structures here, not only in crypto. Gold is close to a big inverse [head and shoulders].”
Next, Pal focuses on the Nasdaq (NDX), saying a descending wedge pattern appears ready to break.
“NDX trying to break the wedge too…”
Pal also says Ethereum may break out of a falling wedge pattern and find a higher support level at $1,500.
“ETH breaking the downtrend and the falling wedge… the big test is the channel (Wave 2 correction?) at around $1,500… let’s see…”
At time of writing, Ethereum is changing hands at $1,310.
Lastly, Pal gives a review of Bitcoin’s (BTC) historical performance, saying it is the best-performing asset in the past decade.
“Interesting to see that in the last 10 years BTC has been the best-performing asset in seven out of those 10 years. In the years it wasn’t the best performing, it was the worst performing! However, since 2013: BTC is up 114,000%, NDX +392%, SPX (Standard & Poor’s 500 Index) +203%, Fed Balance Sheet +201%.”
At time of writing, Bitcoin is changing hands at $17,847.
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The post Ethereum (ETH), Gold and Stocks All Positioned for Rallies, Says Macro Guru Raoul Pal appeared first on The Daily Hodl.
