Sonny

PENGU update

It's important to really push our winners so I will look to add to PENGU for the final time next week

I think this is going to have an insane move in August as the market reaches peak euphoria!

VIX breaking below RSI support with daily BB volatility squeeze!

What I'm looking for to start building my blended hedge strategy:

- VIX gap fills 13 + 14 and starts bottoming around 12

- VVIX/VIX hits 6.92

- put/call ratio pushes down below 0.5

If all these triggers hit, it almost certainly indicates a top in the market. This will also be our cue to start exiting crypto positions in anticipation for the August correction and the beginning of the yen/peso carry trade unwind

Let me know if you have any questions!

ETH looks close to topping here with a complete 5 wave impulse - $3900 is a huge level and highly unlikely to smash straight through. Gunna take time to work through the supply here, especially after such a big move.

We should start to see rotation out of large caps now, moving downstream into lower cap altcoins. ETH consolidation here is very healthy and allows altcoins to rally!

ETHBTC has also hit my target - HTF point of control - indicating BTC outperformance is likely now in the short term. I don't think this is bearish for altcoins to be clear. Stable consolidation at these levels this week is exactly what altcoins need as the rotation kicks in.

The next time to load up on altcoins will be around August 9th imho