The pattern continues to resemble re-accumulation. The most probable outcome remains another leg higher and ultimately a move to new highs.

A decline below the A-leg low at 7660 would place this interpretation in question.

The monthly chart highlights the development of a three-year base followed by a strong advance from the proposed leg-two low. Momentum clearly diminished into the correction, suggesting a loss of selling pressure.

The relationship between effort and result also remains constructive. Price has shown relatively strong progress relative to the volume required to produce it, supporting the case for continued accumulation and a continuation of the broader bull market.

Tin

The London metals remain in strong bull positions, with Tin continuing to lead the group.

The breakout to a new all-time high in January was followed by a pullback that successfully tested the prior all-time high from 2022. Demand appeared on the pullback and the market now appears positioned for another leg higher. The larger trend remains intact.

Nickel

Nickel appears to be completing an accumulation phase following a prolonged decline.

The third leg down showed a noticeable loss of momentum, creating the characteristics of a potential ending pattern. Since then, the market has begun to show evidence of accumulation.

The relationship between effort and result has been constructive. Price has shown relatively large progress relative to the volume and energy required to produce it, suggesting that a new bull move may already be underway.

If the accumulation continues to develop, the potential exists for a meaningful advance.

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The material presented is for informational and educational purposes only and should not be construed as investment advice.

Bitcoin

Bitcoin appears to require further contraction before a durable base can form for another bull move.

The most important characteristic missing at present is sufficient contraction. Markets that have experienced major advances typically require time to digest those gains before another sustained move higher can develop. At this point, Bitcoin does not appear to have completed that process.

It is generally not desirable to be early in markets undergoing this type of correction. A better approach is to allow the market to settle, contract, and demonstrate renewed strength. Ideally, this would take the form of a positive month showing ease of movement to the upside.

At present, rally attempts continue to labor. The market is expending too much effort for too little progress. This suggests insufficient strength and insufficient accumulation at this stage of the correction.

Ethereum

Ethereum remains weaker than Bitcoin and is exhibiting many of the same negative characteristics.

Recent rally attempts have been laboring. Volume has been relatively high while upside progress has been limited. This type of behavior often reflects supply rather than accumulation.

The May vertical bar closed below the midpoint of the four-month trading range. That is not the type of action typically associated with a market preparing for an immediate advance.

Current implications remain for a move toward 1,000, near the lower boundary of the six-year trading range.

The material presented is for informational and educational purposes only and should not be construed as investment advice.

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