MMA Monthly Cycles 240205 Mhdum6

FEBRUARY 5-6
VOL. 42, NO. 2
REVIEW AND PREVIEW by Raymond Merriman
The New Year is unfolding very closely to what we outlined in last month’s Review and Preview. That
is, U.S. mortgage rates are coming down towards the 5.5% level forecasted last month in an attempt to
stimulate the frozen real estate market prior to the 2024 election. Now, other media sources are also
calling for the same 5.5% level we started discussing as early as the December 4th MMA Weekly column.
The effort to restore a vibrant housing market makes sense, both economically and politically. But it
also fits with the geocosmic cycles (transits) related to the founding chart of the Federal Reserve, which I
will cover in greater detail in the February 18 Annual MMA Forecast 2024 Webinar. These transits paint a
very interesting (and rocky) outlook for the U.S. economy over the next two years as we head into the
unprecedented “Aries Vortex” of 2025-2027 (this will also be examined in the February 18 webinar).
Since our last report, Pluto crossed again over the 0° Aquarius ingress point on January 20 for the
third (out of five) time between March 2023 and November 2024. That same day, the Sun also ingressed
into Aquarius. In the free weekly column, I referred to this as a “Flip the Script” aspect because the Sun
represents the future - something new (especially in Aquarius) — and Pluto pertains to something ongoing
that needs to be reformed, often because it is seen as a dangerous or threatening trend. Pluto is also
related to explosive exposures. It was during this time that protests erupted in Germany that “… followed
a report that two senior AfD members had attended a meeting to discuss plans for the mass deportation
of citizens of foreign origin. AfD has denied that the proposal represented party policy” (The Guardian,
February 3, 2024). Nevertheless, it was seen as a threat to hundreds of thousands of Germans in major
cities who openly protested a potential policy that reminded them of the Nazi methods of the 1930s.
Another “Flip the Script” theme is also now unfolding as the Biden administration orders U.S. strikes
against Iranian-backed militia in Syria and Iraq for their deadly attack on U.S. soldiers. This is a switch from
Biden’s diplomacy efforts to contain escalating danger in the Middle East.
Another “Flip the Script” narrative is unwinding with regard to the security of the U.S. border. Until
last week, both political parties were close to a bipartisan agreement for the security of the U.S./Mexican
border. Then former President Donald Trump stepped in and urged the GOP not to support a border
agreement because it would give Joe Biden a political victory on an important issue that he — Trump —
wants to campaign on. What??!! The irony is that Biden “… has the legal authority to reinstate the border
policies implemented by former President Donald Trump that he ended since they were based on
proclamations, regulations, and international agreements.” (www.cbsnews.com, February 1). He doesn’t
need Congressional approval to do this. But he says he does.
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OK. So the world and the nation remain a divisive mess – maybe a bigger mess since the Sun and
Pluto ingressed together from Capricorn into Aquarius on January 20. This “Flip the Script” theme
related to the planets (especially Pluto) crossing into Aquarius is not over. Mercury does the same on
February 5, followed by Mars and Venus. All are doing their version of the same on February 13-22
(Note how they each form a conjunction with Pluto at 0° Aquarius, the “super-charged” degree of
the Jupiter/Saturn “New Aira” conjunction on December 20, 2020).
What does this mean for the world and its financial markets? For world leaders, it escalates
danger and the threat of a world war. It also presents an urgency for world leaders to find a path to
peace in multiple regions of the world. This does not promise to be an easy task as the world heads
towards the Aries Vortex, which simultaneously holds the promise of an opportunity and a
redirection afterwards — a promise whose seeds are being planted now. But will those seeds
blossom in time before a human-created catastrophe hits? There is hope. There is always hope. But
it is almost certain that as the outer planets all change signs in 2024-2025, change — huge change —
is underway on this planet.
And this also portends a change of long-term trends in many financial markets, which our
webinars and our monthly MMA Cycles Reports are dedicated to recognizing. So, let’s get into it now
with this month’s MMA Cycles Report.
KEY POINTS AND OUTLOOK FOR TRADERS IN FINANCIAL MARKETS by Raymond Merriman
The following are the key points in our longer-term view upon which we construct our intermediate-
term investment strategies.
• The U.S. stock market is due for its four-year cycle trough within the next year. This is the fifth and
probably last 50-week cycle within the greater 4-year cycle, so it is due to top out in 2024, ideally between
April-October under the favorable Jupiter transits to Uranus, Neptune, and Pluto and possibly into the
early weeks of Jupiter in Gemini (May 2024-June 2025). It is anticipated that a decline of at least 16-26%
will unfold from the all-time high, and it will bottom during the 3-passage square aspect of Jupiter to
Saturn between August 2024 and June 2025.
• Gold is also due for a primary cycle trough in the next three weeks if it didn’t just happen on January
25. This could then be followed by a big rally, probably to new all-time highs. However, a 16-month cycle
low is also due before July 2024, and it may take the next primary cycle completion before a bigger rally
to new highs unfolds.
• Silver is also due for a primary cycle low if it didn’t happen on January 22. In the long term, it
remains bullish as long as prices remain above 19.95. Our target of 27.00-35.00 is still possible with the
North Node in Aries (July 12, 2023-January 28, 2025). In the short term, we are concerned about a possible
sharp sell-off with this week’s New Moon in Aquarius (air-air solar/lunar combo), February 8-9.
• Copper may have completed a primary cycle crest on December 27. Currently, it continues to be in
congestion between 3.70 and 4.00. The break of either will tell us its status in regard to longer-term cycles
that are coming due. With Jupiter conjunct Uranus coming up in April, we cannot rule out the possibility
of another major rally once this primary cycle ends within the next five weeks.
• T-Notes appear to be in a new longer-term 3- or even 6-year cycle following their primary cycle low
of October 19. This is bullish and supports our view that longer-term interest and mortgage rates may
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come down between now and summer. However, it is late in the primary cycle now, and a primary cycle
trough is due within the next five weeks.
• The Euro is entering a time band for a major cycle low due within the next three weeks. However,
the longer-term cycle may still be bearish unless the multi-month high of 1.1139 on December 28 is taken
out.
• Crude Oil’s 44-month cycle low, +/- 7 months, is due. It may have come in on December 13 at 67.71,
the 44th month. Last month, it was stated that “A close above 76.18 would support this labeling. Until then,
there is still time for it to go lower.” It took out 76.18 but then closed back well below it last week, which
means the 44-month cycle low is still not confirmed. A close above the 79.29 high of January 29 will be a
strong signal that the 44-month cycle trough has been completed and would support the possibility of an
explosive rally underway into the Jupiter/Uranus conjunction of April 20.
• Soybeans took out their prior primary cycle trough, which is bearish. However, Soya is now in the
time band for its current primary cycle trough within the next three weeks. Once in, a sharp rally would
be likely for at least 2-5 weeks. It might last longer, given that Jupiter conjunct Uranus looms ahead in
April, and sharp rallies often erupt as planting season gets underway. Longer-term, beans are heading into
their 34-month and 5.5-year cycle lows, due September 2024 +/- 7 months.
The following geocosmic critical reversal dates for all markets are based on the studies published in
The Ultimate Book on Stock Market Timing, Volume 3: Geocosmic Correlations to Trading Cycles. The
more stars, the higher the correlation to a reversal. Three stars have the strongest correlation. Look for
cycle crests or troughs to form within three trading days.
Feb 7-8*
Feb 18 (the midpoint of the Venus/Mars/Pluto conjunctions in 0° Aquarius)
Feb 22-23***
Mar 6 * (the midpoint of Venus and Mars square Uranus)
Mar 19**
STOCKS HIT NEW ALL-TIME HIGHS, BUT DOWNSIDE RISKS ARE ELEVATED by Gianni Di Poce, MMA
Analyst
U.S. stocks continued their impressive bull run to new all-time highs in alignment with our
expectations. However, we know that the party won’t last forever, as both the primary cycle and the 46-
month cycle are very mature. The Dow hit a new all-time high on February 2 at 38,783, as it made its way
to our upside price targets. We have a key CRD period this week with even more Uranus signatures, so a
blowoff top is not out of the question here. The conundrum is whether any imminent high will be a 46-
month cycle, too. Rate cut expectations have been pushed back to May now after a recent blockbuster
jobs report. So far, the Fed has seemingly managed a “soft landing,” but our geocosmic studies suggest
that this is unlikely. In the near-term, however, stocks appear on their boom course with respect to the
upcoming Jupiter-Uranus conjunction in Taurus.
LONG-TERM CYCLE REVIEW
For context, the only long-term cycle that suggests caution in the near-term is the 46-month cycle.
The rest of them still point to higher prices over the next couple of years. The last 18-year cycle trough
was in March 2009, which means we are in the 15th year of the cycle and now in the orb for a low to occur.
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We would look for an 18-year cycle low to bottom no later than 2030. The 18-year cycle breaks down into
two 9-year cycles that have a range of 7-11 years or three 6-year cycles that have a range of 5-8 years.
There are even occasions where a combination pattern with both 9-year and 6-year cycles unfold together
within the 18-year cycle. As explained last month, “There are still some ambiguities when it comes to the
breakdown of the 18-year cycle. If it’s a two-phase pattern comprising of 9-year cycles, then the target for
a low would be closer to 2027. In this case, March 2020 would have been the 9-year low. But if it was a 6-
year cycle, our time band for a trough is closer to 2025-2028. March 2020 could have been a 6-year cycle
low as well. Note how these time bands have a low overlap between 2027-2028.” These comments remain
pertinent.
In regards to the geocosmic overlap for an 18-year low, our focus remains on the lunar north node.
This transit points to a low between December 2024 and October 2030, although the August 2025-April
2028 period is a narrower target. Between August 2024 and June 2025, we have the central time band of
Jupiter square Saturn. Last month, it stated, “With regard to Jupiter and Saturn, note that the central time
band for the three square signatures is between August 2024 and June 2025. There are also historical
studies that point to significant market pullbacks 7-9 years after its conjunction, which again emphasizes
the period between 2027-2030.” The last conjunction was in December 2020.
THE INTERMEDIATE-TERM PICTURE
The points below highlight our main focus with regard to intermediate-term cycles in the Dow Jones
Industrial Average. The Dow is in the late stages of its 4-year (46-month) cycle and in the fifth and final
50-week cycle phase. The last 50-week cycle low occurred on October 27, which was the 54th week
measured from the October 2022 low.
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The other points are as follows:
• We expect a 4-year cycle to culminate at any time, preferably by December 2024, although it
could expand by as much as 6 months.
• The “Pre-Presidential Election-Year Trough” was completed on October 27, 2023. It was right on
time and in alignment with our Sun conjunct Mars studies too. The decline from the August high
to the October 27 low was 9.3%.
• The 4- and/or 6-year cycles are exhibiting 50-week cycles again. Note how this resurfaced after
we exited the era of QE. It’s as if Pluto in Capricorn led to the disappearance of the 50-week cycle,
and now that Pluto is in Aquarius, this 50-week cycle seems to be an important one again.
• The low of October 2022 was a 50-week cycle and corresponded to the completion of the 3-year
half-cycle of the 6-year cycle. There were three 50-week cycle phases in this first 3-year half-cycle.
We completed the fourth 50-week cycle on October 27 and are in the 5th phase. We could still see
one or two more 50-week cycle phases within this 6-year cycle.
• Jupiter semi-square Neptune July 2023-March 2024
• Jupiter conjunct Uranus April 2024 (could be 4-year cycle high)
• Jupiter square Saturn, the central time band, starts August 2024 and goes until June 2025
March marks the 48th month in the 4-year cycle in the Dow. This cycle has a “normal” length of 46-
months with a 10-month orb, and we are in the 36-56-month range for a long-term low. There are still
some concerns regarding the phase breakdown of this cycle and whether the October 2022 low was the
half-cycle phase. It was 31 months from March 2020, so it was a bit later than its regular orb.
The 50-week cycle has a range of 38-62 weeks, and this week will start the 15th week in this potentially
final phase of the greater 4-year cycle. Our base expectation was for a 2-4 month rally, and March will
mark the 5th month. As explained last month and still the case, “After that, the downside risks in stocks
will increase significantly, and the top could theoretically coincide with the current primary cycle. If not the
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current, then it’s likely that it coincides with the following primary cycle. For now, stocks are still making
new highs, and bulls remain in control of the technical trend.” But the more stocks rally in the current
primary cycle, the greater the odds that it could culminate with an even bigger 46-month cycle.
Despite the probability of further upside in equities, we must maintain a proper perspective and
recognize that several cycles are maturing. Most significantly, it’s the 18-year cycle. However, we would
ideally like to see one more 4-year cycle unfold before the greater 18-year cycle does too. Last month, it
also stated, “Our position remains that the back half [of the 4-year cycle] of the 2020s will be more
dangerous for stocks than the first half.”
This final phase of cycles can unfold in a parabolic manner. It appears as though a parabolic phase is
unfolding with respect to the final 50-week cycle phase within the 4-year cycle, and Jupiter conjunct
Uranus appears to be the catalyst. Last month, it was stated, “We’re nearing the end of the current primary
cycle, so we only have one or two more chances for new highs to be made before a 4-year cycle
culminates.” The question once this 4-year cycle unfolds is whether the final phase of the 18-year cycle
will unfold in a parabolic manner, too. Otherwise, we could have a multi-year bear market. This is not our
bias, though. In the near term, we’re still in the first primary cycle phase within the 50-week cycle, and
typically, we see two or three primary cycle phases within a 50-week cycle. So, in theory, we could still
see DJIA rally again before the 4-year cycle peaks.
THE PRIMARY CYCLE
The week of February 5 starts the 15th week in the primary cycle measured from the October 27 low
at 32,327. Primary cycles in DJIA last 13-23 weeks and contain half-primary cycle phases lasting 8-11
weeks, major cycle phases lasting 5-8 weeks, or a combination of both. The primary cycle is breaking down
into a three-phase pattern, with the most recent major cycle trough unfolding on January 18 at 37,122.
This makes the week of February 5 the 3rd week in the third and final major cycle phase as well. Last
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month, it stated, “We would look for the primary cycle crest to be completed by the end of January or by
early February during one of the upcoming CRDs.” We’re entering the February 7-8 CRD zone, where a
blowoff top could occur, especially given the signatures involved. Last month’s report shed light on these
geocosmic aspects, as it stated, “The main highlight of the January 25-28 CRD is Uranus changing
directions. After that happens, we’ll be in a rare period where all planets are in their direct motion.
Whenever Uranus is involved, we need to be alert for breaks of technical support or resistance, or even
heightened volatility. These Uranian themes continue into the February 7-8 CRD, when we have Venus
trine Uranus (February 7) and Sun square Uranus (February 8). Stocks could be commencing or wrapping
up a breakout to new all-time highs during this time period +/- 3 trading days.”
Indeed, Uranus changing directions has been a boon for stocks so far, but once the crest is completed,
we look for a 2-5 week corrective decline into a primary cycle trough. We have cyclical overlap between
the primary and major cycles starting the week of February 20, which happens to coincide nicely with the
February 25-28 CRD. The main signatures of this CRD period include Mars square Jupiter (February 27),
Sun conjunct Saturn (February 28), and Venus square Uranus (March 3). If markets are dropping into a
hard aspect with Saturn, it can be a good time for a low to be completed.
In the past couple of reports, we also briefly covered some key seasonal factors that Wall Street uses.
One of those is known as the “January Effect” and concerns the idea of January’s performance being a
bellwether for the market into year-end. It was stated, “… another Wall Street adage goes along the lines
of, “As goes January, as goes the year.” Interestingly, the Roman god Janus ruled the month of January.
There are some symbolic similarities with Saturn, ruler of Capricorn, with respect to Janus, time, and doors
or portals as a metaphysical concept. Time will tell whether January acts as a bellwether for the year, but
it’s worth pointing out that the “As goes January, as goes the year” adage failed as recently as 2021 when
January was down, but stocks finished up on the year.” With respect to traditional seasonality, February
can be a weaker month for stocks. So, it wouldn’t be surprising to see a primary cycle low culminate by
the end of the month.
The outlook in the S&P is largely the same as the Dow. Both hit new all-time highs last week, although
the S&P’s primary cycle could be breaking down into a combination pattern instead of the three-phase
pattern exhibited in the Dow. The January 5 low was a half-primary cycle trough, so this week begins the
5th week in the second half-primary cycle phase. A major cycle low seemingly formed on January 17 at
4746.25, too. This was 6-weeks from the previous major cycle on December 7, so it was right on time. It
would make the week of February 5 the 3rd week in the third and final major cycle phase. We will have
cyclical overlap between all trading cycles for a primary cycle low in 3 weeks’ time or by the week of
February 26, which also overlaps with the February 25-28 CRD.
In regards to intermarket divergences, last month stated, “… all stock indices have made new all-time
highs, which is bullish with respect to the trend. However, last week, we only saw the Dow make a new all-
time high, while the S&P did not. At this stage of the primary cycle, this is a potential warning sign that a
high is complete or imminent. Our bias at the moment is that the high is imminent and not yet complete.
There is still time left for new highs in the primary cycle, and with all the Uranus signatures approaching
from a geocosmic standpoint, we would ideally see one more rally before the primary cycle tops out in
both the Dow and S&P.” Prices indeed made new highs, but now we have intermarket bearish divergence
between the Dow and Nasdaq futures, and the S&P and Nasdaq futures. That is, the Nasdaq has not hit a
new all-time high, which is another potential warning sign for an imminent reversal. Our bias is that the
high will form either this week or the week of February 11.
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At a technical level, there are even more reasons to be concerned with respect to this rally in stocks.
We have a bearish divergence in price from the RSI indicator on both the Dow and the S&P charts. That
is, prices are making new highs, but the momentum indicators are not. This is a common feature of a
market that is about to reverse back lower, as momentum tends to wane before prices actually react.
Once the high is completed, we would want to avoid seeing the RSI indicator fall below 30 during the
decline. This would signal that bears have captured momentum, but our bias is that this will not happen
on the decline into a low.
Both the Dow and the S&P continue to work towards our stated upside price objectives. Our bias last
month was that these price targets would be fulfilled in the following cycle, but instead, it looks more
likely that they’ll be achieved in the current one. For the Dow, the breakout from the cup and handle
pattern has projected a rally into the 39,000-40,000 zone, and for the S&P, the breakout from the
broadening wedge has projected a rally into the 5000-5100 zone. So long as the bearish divergences
remain intact if and when prices hit these levels, we would look for a 2-5 week corrective decline to begin.
In terms of support, the Dow has a key technical zone in the 37,000-37,200 zone. In the S&P, the 4700-
4750 zone is the key level to watch once a high forms.
TRADING STRATEGIES
Position traders are flat and may try the long side on a drop to 37,000 +/- 200 with a stop loss on a
close below 36,000 if offered.
Aggressive short-term traders are long with a stop loss on a close below 36,000 now and were
advised to “Cover 1/3 at current price levels.” Got this off for a nice profit. Let’s cover another 1/3 on a
rally to 39,500 +/- 60 if offered.
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Short-Term Reversal Dates in U.S. Stocks: Look for isolated highs or lows in these solar-lunar periods,
+/- 1 day, especially in the DJIA, from which prices reverse at least 2.5% (and better if 4%). The right-hand
column indicates reversals according to more recent studies of the DJIA since 2000 conducted by MMTA
student Yating Hu.
Feb 2-3*
Feb 6-7*** Feb 6-7*
Feb 12-13
Mar 2-4*** Mar 2-4***
Mar 7-8***
Mar 11-12**
Mar 13-14*
ANTICIPATING THE PRIMARY CYCLE IN GOLD, by Pouyan Zolfagharnia, MMA Analyst
Cycle Progress
7.83-year (94 months) 15th month
31.33-month 15th month
16.5-month 15th month
50-week 18th week
Primary (18 weeks) 18th week
We find ourselves at a pivotal juncture, poised for the potential initiation of the primary cycle in Gold.
The crux of the matter lies in determining if the primary cycle indeed commenced on January 25. Applying
the insight from seasonal trends and geocosmic indicators would suggest that exercising patience may be
paramount as we await the definitive technical confirmations.
LONG AND INTERMEDIATE-TERM CYCLES
With the new ATH in December 2023, we finally got the confirmation we were looking for in the
labelling of the November 3, 2022, low at 1618.30, as the long-term 7.83-year and 23.5-year cycle trough.
This cements the bullish outlook we have had for Gold over the past year.
The first 50-week cycle formed in the 11th month following the completion of the long-term 7.83-
year and 23.5-year cycles on November 3, 2022. The 50-week cycle formed a higher low, at 1823.50 on
October 6, providing more confidence to our outlook for a bullish phase following the culmination of a
longer-term cycle.
The longest intermediate cycle in Gold is the 31.33-month cycle. This cycle can, in turn break down
into two 16.5-month cycles, three 50-week cycles, or a combination of the two. For the time being, we
have had the first 50-week cycle, which suggests the 31.33-month cycle is breaking down into a classical
three-phase cycle. The important question is whether it will form a combination cycle with a 16.5-month
half-cycle phase, too. Therefore, caution is still advised as we are in the 15th month and could see a sharp
reversal, with Gold heading back down to 1890 +/- 31 to form a 16.5-month trough due April 2024 +/- 3
months, ideally, testing or breaking the upward-sloping trend line shown in the weekly chart.
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The intermediate moving average trend indicator remains bullish, with prices trading above the fast
and slow MAs. The outlook will be downgraded to bullish-neutral if prices drop below the fast 33-week
MA (currently at 1984.70). Alternatively, the outlook will be downgraded to neutral if prices close below
the slow 68-week MA (currently at 1938). If the 16.5-month cycle forms, we would expect prices to test
or drop below the 68-week MA and the lower line of the triangle.
THE PRIMARY CYCLE
This begins the 18th week of the 15–21-week primary cycle that commenced on October 6 at 1823.50.
We are now in the orb for the completion of the primary cycle, which can either coincide with the orb of
a possible intermediate 16.5-month cycle or a normal primary cycle, which would be the first within the
50-week cycle. If we do get a 16.5-month cycle, the decline will be more severe, dropping to the region of
1890.40 +/- 31. However, we do have to factor in the possibility that the 16.5-month cycle does not form
or that it forms at the end of the next primary cycle since the orb for this cycle extends to July 2024.
The first major cycle trough formed in week 6, on Nov 13, at 1935.60 in the nearby contract. Prices
formed a new ATH on Monday of week 9 of the primary cycle on the Dec 4 CRD at 2152.30. This was
followed by a strong sell-off, forming the 8-11 week half-primary trough in week 10, which may also have
been a contracted second major cycle low.
The third major cycle trough may have formed six weeks later, in week 16 of the primary cycle, on
Jan 25 at 2004 on the nearby contract. Under the preferred outlook for a combination cycle, we are
commencing week 2 of a rare, fourth, and final 5-7 major cycle. Its crest may have formed last week on
Jan 31 at 2083.20.
This week would also commence the 8th week of the second 8-11 week half-primary cycle. Whilst we
have entered the orb for the primary cycle to end, the low of Jan 25 appears to be a little early when we
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consider the major or half-primary cycle counts. The Fibonacci price target for a normal primary cycle
trough is 1987.90 +/- 39, and the MCP target is 1933.80 +/- 26. As you can see, the low of 2004 on Jan 25
met the conditions of the Fibonacci price target but not the MCP price target.
The alternative outlook is that we are commencing the second week in the new primary cycle, off
the low that formed in week 16 on January 25, at 2004. In support of this outlook, the correction dropped
into the 38-62% Fibonacci correction zone within the orb of the primary cycle. The trough was also below
the 45-day MA, which is another confirmation. Finally, it was also accompanied by bullish oscillator
divergence in the CCI and within the orb of the Jan 26-29 CRD.
Validation of the prevailing market outlook hinges on a decisive breakout from the descending
triangle pattern illustrated in the chart. A breach above the downward-sloping trend line signifies the
initiation of a rally characteristic of the initial phase in the majority of primary cycles. Conversely, a decline
below the ascending trend line serves as a clear indicator that the formation of the primary cycle is
underway.
From the geocosmic perspective, as noted last month, “Mars, the significator of metals, is exalted
and has gained dignity by entering Capricorn (Jan 4 – Feb 13). We tend to see the precious metals perform
well when Mars gains dignity. As the planet of warfare and confrontation, we have also seen geopolitical
tension increase over the past week, which supports a gain in value for Gold as the flight to safety trade.”
With only a week left, we have not seen a significant rally, which would suggest this is a new primary cycle.
In the realm of traditional astrology, the Sun serves as the celestial embodiment of Gold, now finding
itself in a state of detriment within the confines of Aquarius (20 Jan – 18 Feb), where its inherent dignity
diminishes. There is a potential that the primary cycle may have formed in this time frame, and we
anticipate the corresponding decline in Gold prices to continue. Observing seasonal trends, this downward
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trajectory is projected to persist until the Sun approaches the latter stages of Pisces, culminating in a
trough just prior to its reclamation of dignity upon entering the exalted sign of Aries on March 19, 2024.
The pivotal question at hand is whether this trough marks the inception of the primary cycle or
signifies a crucial major cycle phase within an already underway primary cycle that potentially commenced
on January 25. Or will a steeper decline continue into the time band for the second half-primary cycle
trough, due any time in the next three weeks? To ascertain the latter, we await further validations in the
form of a robust surge beyond the descending trend line, coupled with the dynamic confirmation of the
fast 15-day MA ascending back above the slower 45-day MA.
TRADING STRATEGIES:
Position traders are flat, having covered all the positions for an excellent profit. Look to go long again
on a decline to 1988 +/- 12, with a stop loss on a close below 1900.
Aggressive traders are now flat, having covered all the positions for an excellent profit. Look to go
long again on a decline to 1949 +/- 12, with a stop loss on a close below 1890.
Very aggressive traders (VAG) are flat. Let’s look to buy at current prices with a stop-loss on a close
below 2004 in case we are in the new primary cycle.
Short-Term Reversal Dates in Gold: Look for isolated highs or lows in Gold within one trading day of
these solar-lunar periods, and from which prices reverse at least 2.5% (and better if 3% or more):
Feb 1-4*
Feb 4-6***
Feb 10-12*
Feb 23-26* Most often a high
Feb 26-28***
Mar 4-6**
Mar 14-17*
Mar 19-22**
IN ORB OF THE PRIMARY CYCLE IN SILVER, by Pouyan Zolfagharnia, MMA Analyst
Cycle Progress
4-year (51 months) 47th month
26-month 17th month
Silver prices are descending into the orb of the primary cycle, marking an opportune moment for a
detailed analysis as we approach an anticipated trough. In this month's analysis, we concentrate on
pinpointing essential price targets for market entry by position traders.
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We are currently in the 17th month of the 26-month intermediate cycle in Silver. Cycles in Silver tend
to break down into half cycles, which would explain the pronounced low for October. The intermediate
outlook remains bullish. However, a new high will need to form after the 8th month to confirm the bullish
labeling. Alternatively, a rally above the crest of the previous cycle of 3038 (A) would also confirm a bullish
label. To date, the intermediate crest of May 5, 2023, at 2644 (B) remains intact.
From a technical perspective, Silver continues to trade within a symmetrical triangle, which is a
continuation pattern. This pattern has been intact for over 3 years. A downside breakout from this pattern
could result in a sharp move of $17 +/- $2. An upside breakout could take Silver to a new yearly high.
The intermediate outlook is downgraded to neutral for the basic trend indicator in the weekly chart.
Silver is forming higher-lows and lower-highs, consolidating within a symmetrical triangle. For the trend
to be upgraded to bullish, we need to take out the intermediate crest of May 5, 2023, at 2644 (B on the
chart below).
The intermediate moving average trend indicator remains bearish, with prices trading below the slow
and fast moving averages (MA). The outlook will be upgraded to bullish if prices manage to close above
both MAs and the fast 19-week MA (currently at 2341) moves back up above the slow 56-week MA
(currently at 2351). Due to the fact that prices are in the latter stages of the symmetrical triangle pattern,
this indicator is not very effective, with prices and the MAs all constrained to a tight range.
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THE PRIMARY CYCLE
The typical primary cycle in Silver is 17 weeks, with a range of 13-21 weeks. This starts the 18th week
of the 13-21 week primary cycle off the low of 2085 on Oct 4, which was also the 13th month, or the
halfway point for the 26-month intermediate cycle in Silver.
Major cycles in Silver tend to form between weeks 4 – 6, and half primary cycles between weeks 7 –
11. The first major cycle trough formed in week 6, on Nov 13 at 2193. The primary cycle crest appears to
have formed on Monday of week 9 at 2634 on the Dec 4 CRD. Prices then fell into the 7 – 11 week half
primary cycle on Dec 13 (week 10) at 2204. Prices went on to form the third major cycle trough of a
combination cycle on Jan 22 at 2204. Therefore, we are now commencing week 2 of the final major cycle
and week 8 of the second half-primary cycle. My MCP price targets for the final decline are 2177 +/- 54,
and the Fibonacci price target is 2192 +/- 107. Look to the February 7-8 CRD for a potential trough in this
market on the New Moon in Aquarius, square Uranus.
There is an alternative outlook that the low of Jan 22 at 2204 was a 16-week primary cycle trough. If
so, this market could become very bullish following a secondary low forming now. However, this is not
my preferred outlook as the CCI has not dropped to the oversold region of -200, nor is it showing signs of
bullish oscillator divergence, which usually accompanies the formation of a primary cycle trough.
Trading Strategies:
Position traders are long, with a stop-loss on a close below 2085. Having covered 2/3, cover the final
1/3 at current prices. Look to go long again at 2192 +/- 10 with a stop loss on a weekly close below 2085.
Aggressive traders are flat. Look to go long again at 2177 +/- 10 with a stop loss on a weekly close
below 2085.
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Very aggressive traders (VAG) are flat. Probe the long trade at current prices with a stop-loss on a
close below 2204, in case the new primary cycle has started. If closed out, look to go long again at 2177
+/- 10 with a stop loss on a weekly close below 2085.
Short-Term Reversal Dates in Silver: Look for isolated highs or lows in Silver (and probably Gold) within
one trading day of these solar-lunar periods, and from which prices reverse at least 2.5% (and better if
4%):
Jan 30-1* Most often a high

Feb 4-8*
Feb 8-10***
Feb 23-26*** Most often a high
Mar 2-4 **
Mar 10-17*
Mar 19-22*
IS COPPER GETTING READY TO RIDE THE DRAGON, OR TO CHOP SOME WOOD? by Matthieu Kaiser,
MMA Analyst
Cycle Progress
4-year (47 months) 47th month
24-month 19th month
There have been only three trading weeks since our latest report, but Copper has still had the time
to post a primary phase bottom and a potential primary phase top. The former was at 3.7145 on January
18, which was close to January 19, which we highlighted in our last report as a significant geocosmic date
for a reversal, and within our price targets for a half-primary cycle bottom mentioned since December in
which it was stated."The price target range for this bottom is either 3.66 +/-0.08 or 3.43 +/-0.06." The
second reversal occurred on January 31 with a top whose exact labelling is to be confirmed (more on this
in the section on the Primary Cycle).
This see-saw in only a few weeks is telling of the cross-fire between, on the one hand, demand
concerns stemming from China's woes (especially the cratering real-estate sector) and moderating
expectations for the Fed cutting the federal funds rate and, on the other, price-supportive tightening
supply outlook and tentative stimulus measures in China. That Copper has remained in a decent range
and above the key resistance of 3.50 whilst Chinese stock indices have kept falling is in itself quite bullish
and significant of underlying supportive pressure. Our view remains that a boom in Copper prices is an
accident waiting to happen, which mainly depends on decisively positive news from China. This, of course,
includes major and material stimulus measures by the Chinese government. But other drivers could spark
a rally, like further concerns for supply at whatever level, such as production or freight. Based on our
research, we think that such price-supportive news may emerge in the coming weeks. Wouldn't it be
fitting that some fireworks opened the year of the Wood Dragon?
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TREND INDICATORS
Basic Long-Term Trend Indicators are unchanged and still bullish for all cycles except the 24-month
cycle (neutral).
Moving Averages Trend Indicators have improved over these last three weeks, but they remain very
indecisive for most of them since prices and several key moving averages are close to each other. It is,
therefore, difficult to infer much more from these indicators than in our last report, i.e., a suspended
situation.
INTERMEDIATE AND LONGER-TERM CYCLES
Last month, we stated that "…the coming month will be a testing time for our long-held scenario for
the last stage of the current 4-year, 8-year, and maybe 16-year cycles (ideally due in March-August of this
year)." Well, Copper prices have stayed within the range of 3.70-4.00 so far, but it has been less than a
month since the last report... Uncertainty seems high, as shown by almost indiscernible differences
between Copper prices and their relevant moving averages over a number of time horizons. It looks like
the Copper market is at a crossroads, waiting for a decisive kick to take one direction or the other.
Our long-held bias for an oncoming boom is intact. Besides the fundamental view that supportive
news — in particular from China — is imminent, we still hold that Jupiter and Uranus, now direct in Taurus,
are strongly positive geocosmic indicators for the Copper market, which should increasingly show as they
near conjunction on April 21. Besides, hard aspects between Mars and slower planets (Saturn, Uranus,
Pluto) from mid-February to mid-April could translate into heightened geopolitical tensions, hence
potential concerns for commodity supply. On the technical level, we also see bullish trends building up
and pressure mounting below the key level of 3.96-3.97, which has acted as resistance and the upper
bound of the channel from May 2023. A break above this threshold would result in a projected price target
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range of 4.39 +/-0.05. If we regard the primary low of October 23 as a double-bottom to the 12-month
bottom of May 25 and apply the MCP method for breakouts to it, we get a price projection range of 4.2945
+/-0.0915. The overlap is between 4.3400-4.3860. Cross-checking with an MCP projection for the current
half-primary cycle crest (see the section below), we can narrow this target to 4.3630-4.3860.
A top within these breakout target ranges would be the least we could expect from what would most
likely be the last rally of the current 4-year, 8-year, and maybe 16-year cycles (which are ideally due to
bottom in March-August of this year). Such a hit would merely boil down to retesting the previous 12-
month crest (4.3550) and the resistance area standing between 4.3660 and 4.3835 since June 2022.
Beyond these key levels, higher intermediate-term targets sit waiting; as laid out in previous reports, the
price target ranges are: "…4.93-5.73 (i.e., a retest of the crest of March 2022), 5.84-6.56, and 7.50-8.08."
If prices fail to break above 3.96-4.00, then they would decline to the long-term bottom expected in
2024, which would be definitely confirmed "(...) if prices slide below the primary bottom of October at
3.5195 and the strong resistance zone at 3.47-3.50." as mentioned in previous reports. Such a move would
mean that the 24-month cycle top is in at 4.3550 (as of January 2023). We have revised our price targets
for this scenario to 2.22-2.38. Two other ranges are possible in case of a washout: 0.90-1.63 and 0.27-
0.74.
PRIMARY CYCLES
The primary cycle, which started on October 23, is in its 15th week at the time of this report's release.
Copper primary cycles tend to last 16-24 weeks, so the current one is about to enter the time band for a
bottom.
The low seen on January 18 could be either a half-primary cycle or a major cycle bottom since it
occurred in an overlapping period of the two time bands. Our bias is for the former because it also
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matched other relevant criteria: 1). It formed just one day before January 19, which we underlined in our
last report as an excellent candidate for such a reversal: "(...) the time band for a half-primary bottom will
last until January 19. The signatures occurring on this very day (Mercury-Jupiter trine, Venus-Neptune
square) often coincide with half-primary reversals, too. Copper prices could, therefore, weaken further
during the week of this report's release before reaching the half-primary cycle bottom."; 2). It posted at
3.7140, corresponding to a nearly perfect 50% retracement of the rally between October 23 and
December 27, and in line with our price target for a half-primary cycle bottom; 3). This low was below the
51-day moving average, above which Copper prices bounced back thereafter.
If January 18 was a half-primary cycle bottom indeed, then the low on December 6 was likely not a
major cycle bottom but a shorter-term trading cycle. That is because Copper prices dipped lower on
January 18, and the time window for a second major cycle is closing without Copper prices having
challenged this bottom so far. This new labelling of December 6 would also be supported by the very brief
decline which preceded it. In such a scenario, the primary cycle follows a classic 2-phase pattern. This is
quite bullish because it means that the primary cycle phase reversals are higher and higher, and the
second half-cycle phase underway could be explosive, with target ranges set at 4.1155-4.2225 and 4.3630-
4.5365. Since the price target ranges for the primary cycle are 3.9420-4.0550 and 4.2030-4.3860, the
overlaps stand between 4.2030-4.2225 and 4.3630-4.3860 for a breakout. What we can also infer from
the labelling of January 18 as a half-primary bottom is that the next one, which will be the primary bottom,
is due March 15-April 15.
The alternate view consists in regarding the low of January 18 as a major cycle bottom and keeping
the former labelling of December 6 as the previous major cycle. In this case, the primary cycle follows a
classic 3-phase pattern and is due to bottom February 27-March 15. This scenario is far less bullish than
the one above because January 18 was lower than the first major cycle bottom of December 6, which
means the primary cycle has started posting lower lows.
Actually, it may even have started posting lower highs because the top of January 31 was lower than
the crest of December 27, which could thus be the primary cycle crest. The high of January 31 was in the
overlapping price target ranges for a primary cycle crest and a major cycle crest, and Copper prices have
tested their 17-day moving average since then, potentially confirming that the major cycle crest is in. If
such a scenario is confirmed, the price target ranges for the primary cycle bottom are 3.41-3.5290 and
3.0615-3.2540, overlapping with a breakout target range for the major cycle between 3.4775-3.5290. This
happens to match the strong support zone between 3.47 and 3.50 prevailing since November 2022.
Alternatively, if the high of January 31 was only a trading cycle crest, then the primary cycle crest
could still form either between 3.9420 and 3.9885 as a retest of the high of December 27 or around 4.06.
Finally, there is still a slight chance that the primary cycle turns out to follow a combination pattern.
That will be the case if Copper prices fall to a bottom at or below the low of January 18 (3.7145) rapidly
enough. Since the time band for a major cycle theoretically ended on February 5, we could allow such a
move to qualify for a protracted second major cycle bottom if it remains within a trading week of this
report's release. The consequences for the primary cycle would be the same as in the scenario of a classic
2-phase pattern: less bullishness and similar price targets for the next primary bottom for now (to be
adjusted when the third major cycle crest is formed).
How will we know which scenario is unfolding?
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First, if the high of January 31 at 3.9470 is exceeded without a lower bottom having been formed
previously during the week of this report's release, then it was only a trading cycle crest, and the most
bearish outlook will likely be avoided.
Second, the most bullish scenario will be validated if Copper prices rally above 4.16.
Third, conversely, if prices fall to or below 3.7145 before reclaiming 3.9470, then the primary cycle
crest is most likely as of December 27. The fact that it follows a combination pattern or a classic 2-phase
pattern will depend on whether this major cycle bottom is found within one week of this report.
STRATEGIES
Position and aggressive short-term traders are long with stop-loss orders at 3.46 +/- 0.04. We advise
to increase these to 3.62 +/-0.03. 1/3 of profits may be taken at 4.03-4.07, 4.20-4.22 and 4.36-4.39 if
offered.
NAVIGATING UNCERTAINTY IN CRUDE OIL, by Pouyan Zolfagharnia, MMA Analyst
Cycle Progress
th
4-year (44 months) 46 month
22-month 26th month
15-month 9th month
In the volatile landscape of global affairs, Crude Oil emerges as a coveted strategic asset, especially
in times of conflict. From Russia to the Red Sea and the Gulf of Aden, the surge in missile and drone attacks
on oil infrastructure introduces a heightened risk to the global supply chain. The extended voyage times
of tankers further strain capacity, amplifying both freight and insurance costs. Notably, refineries,
pipelines, and terminals in Russia find themselves increasingly in the crosshairs. The perplexing question
that looms large is why the escalating geopolitical tensions and threats are seemingly not resonating in
the pricing dynamics of Crude Oil.
The 4-year or 44-month cycle will usually break down into three 15-month cycles or two 22-month
half cycles. We may even get the case of all these phases in the combination cycle. In the “WTI Crude Oil
Weekly” chart ‘1’ marks the beginning of the new 12-year and 4-year cycles, and ‘2’ is either the end of
the 4-year cycle or the end of the second of three rather long 15-month cycle phases ‘1ii’. In either case,
we are now in the orb of the 44-month cycle, which was due Dec 2023, with an orb of 7 months (May
2023 to Jul 2024). The 22-month half-cycle, as measured from the first half-cycle low of December 2, 2021,
was due Oct 2023 +/- 4 months. With prices dropping below the ascending trendline, I am no longer
confident that the trough that formed on May 4 was the 4-year cyclical low. If the 62.00–68.00 support
zone (highlighted in the chart above) is broken, we could see the formation of the 44-month cycle at any
point in the first half of 2024.
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The intermediate outlook is downgraded to bearish, with prices below the 48-week and 95-week
moving averages (MA). This outlook will be upgraded to bearish-neutral if prices can close above the fast
MA (currently at 77.21).
THE PRIMARY CYCLE
This commences the 8th week in the primary cycle measured from the low on December 13 at 67.71
(68.28 in the March contract). Primary cycles in Crude Oil last 15–23 weeks, and the phases of the primary
cycle include half-primary cycles lasting 8–12 weeks and major cycles lasting 5–8 weeks.
The first major cycle trough may have formed with the low of 71.41 on Monday, Feb 5, or may form
sometime this week as we are still in the orb of the major cycle. The fact that prices have dropped to the
bottom of the ascending price channel supports the notion that the trough may have formed, and we
should see a rally commencing. However, if prices continue to drop below the channel, this suggests that
either the cycle is starting to turn bearish or that the alternative labeling is more accurate.
For the time being, so long as we continue to record higher-highs and higher-lows, I will stick with
this as the preferred primary cycle labeling. If we are in the early parts of the new primary cycle, I would
expect prices to initially rally to 80.46 +/- 1.16 or 81.52 +/- 1.41.
The alternative outlook is that this begins the 18th week in the primary cycle measured from the Oct
6 low at 81.50 on the nearby contract. This cycle turned bearish by taking out the low that commenced
the cycle. The first major cycle trough formed in week 6, on Nov 16, at 72.37. Week 10 would then be
labelled a possible 8–12-week half-primary cycle trough. Under this outlook, we are in a bearish
combination cycle, and the second half-primary cycle (and full primary cycle) trough is due within the next
four weeks. As such, I would expect prices to form the primary cycle trough at any time and below 68.00.
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TECHNICALS
We have a strong case of bullish oscillator divergence in the CCI, which usually accompanies the
formation of a primary trough, as seen with the low that formed on December 13 at 67.71. In the bearish
scenario, if prices continue to decline into the 44-month cycle, I am not expecting prices to go below
60.00–63.00, even if they do fall below 68.00.
If the primary cycle trough has not formed, look for price targets of 66.07 +/- 2.81 or a more extreme
drop into the 44-month trough to 62.12 +/- 3.27.
GEOCOSMICS
With Saturn (the planet of restrictions) in Pisces (Crude Oil, shipping industry, waterways), it should
come as no surprise that we are seeing tension and restrictions around major shipping routes. With an
exalted Mars (planet of confrontation and warfare) transiting Capricorn (Jan 4 – 13 Feb), we may see more
sudden sharp moves in the price of oil in response to geopolitical tension. Look to Feb 13–14 for potential
escalation of geopolitical tension as Mars ingresses into Aquarius and forms a conjunction with the
explosive Pluto!
The next seasonal trough, which may align with a potential primary or intermediate trough is in
March 2024 with Mars transiting Aquarius, and the Sun in Pisces. If prices fail to rally, our strategy will be
to go long during this timeframe.
TRADING STRATEGIES
Position traders are long with a stop loss on a close below 68.28. Let’s cover 2/3 at 81.52 +/- 0.50 if
offered.
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Aggressive traders are long in trade, with a stop-loss on a close below 67.50. Let’s cover 1/3 at
80.46 +/- 0.50 and another 1/3 at 81.52 +/- 0.50 if offered.
THE EURO 15-MONTH INTERMEDIATE-TERM CYCLE CREST COULD BE IN by Ulric Aspegrén, MMA
Analyst
Cycle Progress
15-month : 4th month
33-week : 18th week
12-week : 9th week
Last month, it was stated: “The Euro made a higher high on December 28, 2023, at 1.1139 USD, and
thus took out the 1.1017 crest of November 29. This bullish strength in the Euro makes it more probable
that the first 15-month intermediate-term cycle low took place earlier than expected after only 12
months on October 3, at 1.0447. The second and last 15-month cycle is now 3.4 months old and has
already penetrated its time and price target bands for its crest. It is possible that the December 28 high
was it.”
This second 15-month cycle is now in its 4th month, and the decline has continued from the
December 28 crest. The 33-week primary cycle, the cycle below the intermediate-term cycle, is in its 18th
week, off the October 3 low, at 1.0447. We got a 12-week major cycle crest on November 29 at 1.1017,
which was followed by a 12-week major cycle low on December 8 at 1.0722. The prices then rose and
established a crest on December 28, at 1.1139, which is right now labeled as the 33-week primary cycle
crest. The prices have since come down 3.24% to 1.0778 on February 1. The Euro closed last week at
1.0784.
Longer and Intermediate-Term Cycles
We are 7.0 years into the Euro greater 16-year cycle that started in January 2017. This greater cycle
has turned bearish, as the prices have fallen below their start of 1.0339. This also confirms that the 16-
year cycle crest was established in February 2018 at 1.2555. The 16-year cycle has so far always been split
into two 8.4-year cycles. A forthcoming 8.4-year cycle trough is therefore estimated with its 1.2-year orb
to happen in the time frame March 2024-August 2026.
Previous reports stated: “The 8.4-year cycle is made up of two 4-year or three 32-month long-term
cycles. The September 2022 bottom took place 30 months after the March 2020 low, so we are favoring
that this September low was the second 32-month cycle trough.”
We should thus be 16 months into the third 32-month cycle that began on September 28, 2022, at
0.9534. We got a top on July 18, 2023, at 1.1275, which is assumed to be the 32-month cycle crest. If this
is correct, then the prices are on their way towards the final 32-month cycle low, projected with its 7-
month orb to occur sometime between November 14 2024-December 16, 2025, at 0.8426-1.0037 (a
10.98-25.27% decline). As we are in the third 32-month cycle, its bottoming targets are also the narrowed-
down time and price objectives for the 8-year cycle trough.
Since the 32-month cycle is expected to break up into two 15-month intermediate-term cycles, this
July 18 crest would also be the first 15-month cycle crest. Our previous report detailed: “We had been
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previously assuming that we were in a decline towards the first 15-month cycle low, projected to occur
sometime between July 19, 2023-May 6, 2024, at a price target of 1.0145-1.0837. However, the higher
high on December 28, at 1.1139, puts this scenario into question and makes it more likely that the first 15-
month cycle low was already established on October 3, at 1.0447.”
The preferred view is that the Euro is now 4 months into the second 15-month cycle. As the Euro is
projected to head south towards its 8-year cycle low, the expectation is that “this second 15-month cycle
crest should be of a bearish character, which means that it should manifest between 1.8-6 months, at a
38-62% retracement rise. Using the October 3 low, we obtain a time target of November 27, 2023-April 2,
2024, and a price objective of 1.0882-1.1151 for the 15-month cycle crest.”
Moreover: “There is a strong long-term resistance line connecting the 2001, 2017 and March 2023
lows. This rising line varies between 1.1122 and 1.1256, depending on which second low is used. This could
be where the final 15-month cycle tops out. So far, we got a crest on December 28 at 1.1139, which is,
therefore, a very good peak candidate. Nevertheless, we could keep rising all the way into April, when the
beneficial Jupiter-Uranus conjunction takes place. In any event, once the crest is in, the prices should head
to a 15-month cycle low, which is anticipated to also be a 32-month cycle bottom and an 8-year cycle
trough.”
EURO Preferred Monthly Chart, as of February 2, 2024.
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Leading Indicators for the Primary Cycle
The preferred outlook is that the current 33-week primary cycle is in its 18th week, off the October 3,
2023 low, at 1.0447. This is the first of two of the 33-week primary cycles that make up the final 15-month
intermediate-term cycle.
The highest point so far in this primary cycle is the December 28 crest at 1.1139, which occurred after
twelve weeks at a 6.62% ascent. As this is in the time band for a 15-month intermediate-term cycle peak,
we need to consider that this top could have been the 33-week primary cycle crest. Actually, the prices
have since been in decline for five weeks, which is not a normal bullish behavior. Nevertheless, as the
basic trend for the primary cycle is still bullish, we need to analyze both the bearish and the bullish cases.
The preferred bearish scenario
Here, the primary cycle is deploying with three 12-week major cycles. After eight weeks, we got a
first 12-week major cycle crest on November 29 at 1.1017, which was followed in week eleven by a 12-
week major cycle low on December 8 at 1.0722. In this scenario, the December 28 high was not only a
second bearish 12-week major cycle crest but also the primary cycle top. The second 12-week major cycle
is in its 9th week and falling towards its low, expected in the time frame February 5-March 26. Once the
low is in, the prices should rise for 2-5 weeks to a bearish third and final 12-week major cycle crest.
When this last major cycle crest is established, the prices should descend to the 33-week primary
cycle low, which is for now estimated to take place in the time band March 25-July 13, 2024.
The alternative bullish scenario
In this case, the primary cycle is deploying instead of two 16-week half-primary cycles. Here, the
December 28 high was a 16-week half-primary cycle crest from where the prices are declining towards a
16-week half-primary cycle low, projected to be in place, at the latest, by February 22. Once the half-
primary cycle bottom is in, the prices should rise for 12w+/-3w to the primary cycle crest.
Trend Analysis
The basic trend indicator is bullish for the 33-week primary cycle that started on October 3, as the
prices are above their start of 1.0447.
The daily moving average trend indicator for the 33-week primary cycle is in a neutral-turning-bearish
trend, as the faster 28-day moving average (1.0918) is above the slower 83-day MA (1.0823), but with the
price (1.0784) below both MAs (daily chart). We would have the confirmation that the primary cycle crest
was made on December 28 if the faster MA falls below the slower MA while the prices are below both
MAs.
The weekly moving average trend indicator for the 15-month cycle is in a neutral-turning-bearish
trend, as the faster 12-week MA (1.0904) is above the slower 35-week MA (1.0837), while the price
(1.0784) is below both MAs (weekly chart). We would have the confirmation that the 15-month
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intermediate-term cycle crest was made on December 28 if the faster MA falls below the slower MA while
the prices are below both MAs.
The monthly moving average trend indicator for the 32-month cycle is in a bullish-turning-neutral
trend, as the faster 5-month MA (1.0820) is over the slower 16-month MA (1.0782), with the price (1.0784)
in between both MAs (monthly chart). This monthly indicator would change to a neutral-turning-bearish
trend if the prices were to fall below the slower MA while remaining below the faster MA.
Conclusion: Since the last report, all the moving average trend indicators have turned a step closer
to bearish, which argues that the combined 33-week and 15-month cycle crest is most likely behind us
and that the final decline towards the 8-year cycle trough has started.
EURO Preferred Weekly Chart as of February 2, 2024.
Price Objectives
Last report stated: “The prices have fallen below the line connecting the March and May 2023 lows
(see daily chart), which supports the bearish scenario. If the prices would manage to climb back above
this now resistance line, it could instead indicate that the bullish scenario might be at play.” Since the
last report, the prices have continued to be lower. For the bullish scenario to stay alive, we would need
to see the prices overtake this resistance line, right now at 1.1000 and rising.
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The preferred bearish scenario
In this situation, the 33-week primary cycle peaked at 1.1139 on December 28, and the prices are
heading towards the second 12-week major cycle low. This low is projected to come at a decline of 4.47-
9.33%, which produces a price target range of 1.0100-1.0642. When the bottom is in place, the prices
are here expected to rise 2.76-4.97% to the third major cycle crest.
Once the final major cycle top is established, the prices are anticipated to fall to the primary cycle
low, which is estimated for now to occur in the price target span of 0.9616-1.0381 (a historical decline of
6.81-17.06%).
EURO Preferred Daily Chart, as of February 2, 2024.
The alternative bullish scenario
In this case, the 33-week primary cycle is deploying in a two-phase pattern, where the prices are now
on their way toward a 16-week half-primary cycle low. The last report highlighted that the low is
“projected to occur at a historical decline of 3.20-7.05%, which generates a price target zone of 1.0354-
1.0782. We can also apply the 45-85% retracement method, which produces a price target range of
1.0551-1.0828. The overlap creates 1.0551-1.0782 as the most probable price target span for the 16-week
half-primary cycle bottom.”
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The best hope for the bulls is that we do get a reversal on the strong support line, joining the
September 2022 and October 2023 lows (weekly chart). We have a one-star CRD on February 7-8. On the
other hand, it would not be a good sign for the bullish case if the prices close below this line, which is right
now at 1.0735 and rising.
In any event, once the low is cemented, the prices should, in this scenario, rise towards the 33-
week primary cycle crest, which is estimated to happen at a rise of 3.88-13.49%. We will be able to
narrow down this price range, as the prices should normally not overtake the 1.1275 crest of July 18,
2023.
Bias
My bias remains that “…the Euro has peaked out with the July 18, 2023 crest and that we are now in
the process of heading towards the 8-year cycle trough.” However, if the prices were to rise above the
1.1275 crest of July 18, then we need to consider that the October 3, 2023 low was not just the ending
of an intermediate-term cycle but also the completion of a longer-term cycle. If this occurs, then the
Euro could stay on a bullish path for one more year.
I remain biased that “…the 33-week primary cycle crest and thus also the 15-month intermediate-
term cycle peak were already established on December 28, 2023, at 1.1139, as the prices came up to a
long-term resistance line and close to the upper price target span of the 15-month cycle crest. We will
therefore apply bearish strategies with the 33-week primary cycle unfolding with a three-phase pattern,
i.e., with three 12-week major cycles.”
Strategies
Position Traders. Previous recommendation is still valid: “If you are still short from the July 18 crest
at 1.1275 (previous recommendation), then stay so, as the bias is that the 33-week primary cycle crest is
in with the December 28 2023 high at 1.1139. Place your stop loss above the 1.1139 crest.” Your target is
a 33-week primary cycle low, which is estimated for now to take place in the time band March 25-July 13,
2024, at 0.9616-1.0381. Going forward, we will be able to narrow down these target spans.
Aggressive Traders – Last report’s recommendation: “As the bias is now that the prices are coming
down to the second 12-week major cycle low, expected in the time frame February 5-March 26, at
1.0100-1.0642, you may look for opportunities to go long at this low. Place your stop-loss below the
newly formed low. Your target is a bearish third and final 12-week major cycle crest, expected after 2-5
weeks and at a rise of 2.76-4.97%.”
T-NOTES SIGNAL DECLINE INTO PRIMARY CYCLE LOW UNDERWAY by Gianni Di Poce, MMA Analyst
T-Notes spent most of the last month rallying before completing a lower-high in the form of a major
cycle crest on February 1 at 113/06.5. This high happened just one day before a very strong jobs report,
which sent rate cut odds back into the month of May. Even so, it still looks like markets will have a round
of Fed easing at some point this year. But the bigger question for T-Notes is whether the October 2023
trough was really a 6-year cycle low. Our bias is still that it is, but we need to see how this market behaves
coming out of the primary cycle low that’s due in a few weeks.
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It’s also worth noting that Fed Chair Powell’s pivot towards dovishness occurred when Mercury went
retrograde back on December 13. It was stated, “Fed Chair Powell finally pivoted and became dovish on
December 13. Markets are now pricing in rate cuts as soon as the March 20 meeting, which is about a
month before Jupiter is set to conjoin Uranus. This is still the case even after a slew of recent strong
employment and inflation reports. Unfortunately, this could signal that something more serious is brewing
under the surface of the market right now.” If inflation starts to pick back up again, the supposed pivot
may turn into a classic Mercury retrograde blunder.
The week of February 5 begins the 16th week in the primary cycle measured from the October 19 low
at 105/21.5 in the March contract. Primary cycles in this market have a range of 15-21 weeks and exhibit
phases that break down into either two half-primary cycles lasting 8-11 weeks, three major cycles lasting
5-8 weeks, or a combination of both. The current primary cycle is breaking down into a three-phase
pattern, and the week of February 5 will start the 3rd week in the third and final major cycle phase
measured from the January 19 low. A major cycle crest – and double top to the primary cycle crest - was
completed on February 1 at 113/06.5, and it was one day beyond the typical 3-8 day corrective rally range
in a bearish cycle.
Last month stated, “Once the high is in, we would look for a 2-5 week corrective decline into the
primary cycle trough, whose orb for a low begins the week of January 29.” Since the primary cycle crest
formed on December 27 at 113/12, we’re now in the 6th week of the decline from the primary cycle crest
and the 1st week of decline from its secondary (double top and major cycle crest) of last week. Typically,
the decline from here can now last 2-5 weeks. We have a cyclical overlap for a primary cycle trough
between all trading cycles starting the week of February 19. We need to be careful that the low doesn’t
happen beyond the 20th week of the cycle, too, as that would create a case of “bearish left translation.”
The primary cycle crest on December 27 occurred in the 10th week of the cycle, so for the bullish case, we
need to make sure that T-Notes don’t spend more time declining than rallying. It would need to bottom
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no later than the week of March 4 for this to be the case. Otherwise, it would be a negative signal for the
next primary cycle.
The long-term cycle situation in T-Notes is mixed. The most bearish and powerful cycle right now is
the 18-year cycle, which last bottomed in October 2018. The 18-year cycle in T-Notes has a range of 15-
21 years, and it last bottomed in October 2018. Prices took out the low that began the cycle, which renders
it bearish for the remainder of its duration. This means that we could look for T-Note prices to exhibit a
generally bearish trend into 2033-2039. This year, 2024, is the 6th year of this long-term cycle, which is
comprised of three 6-year cycle phases that have a range of 5-7 years.
Currently, there’s a fair chance that the October 2023 low was a 6-year cycle trough, as it occurred 5
years from the October 2018 low. In this case, an 8-24 month rally is in the works, and March will start
the 5th month. The time band for a 6-year cycle crest would be between June 2024 and October 2025.
Note how this time period overlaps with the central time band of Jupiter square Saturn between August
2024 and June 2025. However, in the case where it’s still an older 6-year cycle, we would look for T-Notes
to go on and make new cycle lows this year below the October 2023 low. A 6-year cycle trough would
then likely form during Jupiter square Saturn. March would be the 65th month from October 2018 in this
case, although our preferred bias is the newer 6-year cycle label for now. As explained last month, “For
now, we would prefer to see T-Notes rally into the Jupiter square Saturn central time band +/- 2 months
before forming a 6-year cycle crest. In the event this is an older 6-year cycle, the October 2023 low would
have been a 50-week or 9-15-month cycle trough, and prices could be near another high before the 3-year
cycle, which is bearish, turns down again. The 6-year cycle is comprised of either two 3-year cycles or three
2-year cycles. Under our preferred scenario, the last 6-year cycle was completed with two 3-year cycles.”
If it’s a new 6-year cycle, it’s too early to tell whether it’s breaking down into a two-phase or three-phase
pattern.
GEOCOSMICS
There are two CRDs on our radar for the month of February. The first is February 7-8, which is this
week, and features Venus trine Uranus (February 7) and Sun square Uranus (February 8). We are
technically in the time band for a primary cycle trough, so it could happen within three trading days of
this period. Otherwise, it could coincide with a break of technical support and a drop to new lows. When
it comes to the T-Note market, the conjunction between Mars and Pluto on February 14 and Venus and
Pluto on February 17 may also be important. The next CRD is February 25-28 and features Mars square
Jupiter (February 27), Sun conjunct Saturn (February 28), and Venus square Uranus (March 3). We’re
looking for a primary cycle trough during either of these CRDs +/- 3 trading days.
TECHNICALS
The technical condition in T-Notes has deteriorated a bit in the past month. The biggest culprit is the
secondary, lower-high that formed on February 1 via the third and final major cycle crest. Moreover, prices
broke below the ascending price channel noted on the chart above, and since the longer-term trend in T-
Notes remains downward, we can’t rule out a continued resolution lower.
Last month stated, “…T-Notes rallied slightly above our upside target at 112/16 +/- 16 with the
December 27 high at 113/12. Fortunately for bulls, the RSI indicator confirmed their control of momentum
by registering the first overbought (above 70) reading in many months. Prices then pulled back from this
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high, and look to have completed another higher-low, which reinforces the bull trend in the near-term…
As long as T-Notes remain above 110-111, we are comfortable with the bullish case from a technical
standpoint. However, it’s important to understand that T-Notes are unlikely to rally at the same rate they
have over the past 3 months going forward. In terms of a price objective for a 6-year cycle high, we’re
looking in the 121-122 zone.” Key support remains in the 110-111 zone for T-Notes, although there is a
possibility that we see a drop into the 108/30-109/06 zone before a low is completed. It will be imperative
for bulls to avoid an oversold reading below 30 on the RSI indicator during this pullback. If that’s
registered, then it’s a sign that T-Notes could, in fact, be in an older 6-year cycle. A higher-low compared
to the October 2023 low is imperative for the bull trend this year.
When it comes to the macro outlook from capital markets, the conditions are a bit mixed. On the
liquidity front, we’ve seen credit spreads remain stable over the past month. This is measured by the
performance differential between Treasuries and investment-grade corporate debt. When it comes to the
yield curve, there’s been a bit more inversion over the recent weeks across both the 2-year and 3-month
metrics. If and when the Fed starts cutting this year (which is our preferred outlook), look for a massive
re-steepening of the curve. As stated last month and still the case, “… more liquidity is coming, but it could
come at the expense of an economic slowdown.”
TRADING STRATEGIES:
Position traders: are flat and may go long on a drop to 109/18 +/- 3 with a stop loss on a close below
108/28.
Aggressive traders: are long with a stop loss daily close below 110/00 after covering 1/3 for a nice
profit. If stops trigger, buy back on a drop to 109/18 +/- 3 with a stop loss on a close below 108/28.
SOYBEANS NOW IN TIME BAND FOR PRIMARY CYCLE LOW by Wyatt Fellows, MMA Analyst
Soybeans remain firmly entrenched in a downtrend, but some relief may not be far off. A primary
cycle is due anytime in the next 5 weeks, which should produce at least a 2-5 week rally but potentially
much more. In addition to this, managed money has built the most bearish net position in grains since
May 2019. This should provide plenty of fuel for a rally once a low takes hold. Brazil is now 16% complete
with their Soybean harvest, which is adding some "harvest pressure" to prices here in the US. Typically,
this subsides once harvest is near 50% completion, which is still a few weeks away. Maybe by then, we
will have a better handle on just how much yield loss transpired over Brazil's hot and dry growing season.
The realization of this could provide a much-needed spark to this market.
Long and Intermediate Cycles
The longest cycle we observe in Soybeans is the 17-year cycle, which last bottomed in May 2019. This
17-year cycle typically breaks down into either two 8.5-year cycles or three 5.5-year cycles. We are
currently in the 4th year of this new 17-year cycle, and the jury is still out on how it will ultimately unfold.
If we are going to get a 5.5-year cycle low, then we probably already saw the 5.5-year cycle high back in
June 2022. If we are instead going to see an 8.5-year cycle develop, then there remains ample time for
Soybeans to rally to new highs.
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These long-term cycles break down into 34-month phases. The first 34-month cycle phase bottomed
in November 2021 when Soybeans reached a low of 1181.25. February is, therefore, the 27 th month of
the second 34-month cycle phase. It is getting late in this longer-term cycle, and this is starting to weigh
heavily on the price of Soybeans. If we are going to see a 5.5-year cycle low develop, it would likely
coincide with the end of this 34-month cycle, which is due September 2024 +/- 7 months.
The current 34-month cycle looks to be breaking down into two 17-month phases. I still favor the
idea that the low of 1270.75 (November contract) on May 31 was a 17-month low. February will be the
9th month in this current 17-month cycle. Soybeans are now in the time band for when a 7-10 month half
cycle to the 17-month cycle could occur. With the current negative price action, I think this may be what
is transpiring. We will look for this half-cycle low to culminate ideally this month, which is when the
primary cycle is also due to bottom.
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Primary Cycle
The week of February 5 starts the 17th week in the primary cycle measured from the October 11 low
of 1282.50 in the March contract. Normal primary cycles in Soybeans last 15-21 weeks, so we are now in
the time band for a low to occur anytime in the next 5 weeks. Major cycles last 5-8 weeks, and the first
major cycle formed on December 7 in the 8th week of the primary cycle. Last month, it was stated, "So far,
Soybeans have sliced through all price targets for a potential major cycle bottom, but there is one more
that comes in at 1195.00 +/- 10.00. We will look for the second major cycle low to form in this price zone
sometime in the next 3 weeks. An ideal timeframe for this would be within 4 trading days of Venus square
Neptune on January 19. Following a major cycle low, we would look for a 3-8 day rally back to at least the
15-day moving average." It doesn't get any better scripted than that, as Soybeans formed the second
major cycle low at 1201.00 on January 18. After a six-day rally, Soybeans formed a major cycle crest on
January 25, just above the 15-day moving average. From this high, the price has since fallen below
1201.00, resuming the downtrend. The week of February 5 will, therefore, also begin the 3 rd week of the
last major cycle, which is due to bottom in 3-6 weeks. Its low will coincide with the primary cycle low as
well.
While my bias is that this primary cycle is breaking down as a three-phase pattern of three major
cycles, there is a possibility that the low of December 7 was a half-primary cycle low instead. In Soybeans,
half-primary cycles typically last 8-11 weeks, so this low would have been early but on time. February 5
would begin the 9th week of the second half-primary cycle, which would be due to bottom anytime over
the next 3 weeks and coincide with the primary cycle low as well.
Downside price targets for this coming primary cycle low are 1175.00 +/- 15.00, 1149.00 +/- 12.00,
and then 1120.00 +/- 20.00. Soybeans entered the first price zone on Friday, February 2, when they made
a low of 1186.75. I expect significant support in this 1160.00-1190.00 range, making it an ideal area for a
low to form. The 1149.00 +/- 12.00 price zone encompasses the May 31 (17-month cycle) low of 1145.25
in the March contract. Should Soybeans fall below 1160.00, this would become the next ideal target.
Venus rules over Soybeans, and February has a multitude of Venus signatures taking place in the
second half of the month. She will conjunct Pluto on February 17, conjunct Mars on February 22, and then
square Jupiter on February 24. These aspects occur during the ideal time for either the last major cycle or
the second half-primary cycle low to occur. This makes February 12 to February 23 an ideal time for the
primary cycle low to form.
TRADING STRATEGY
Position traders: were flat from last month. Let's go long at 1175.00 +/- 10.00 with a stop loss on a
weekly close below 1100.00. Less risk-tolerant traders may want to take an initial position in this 1175.00
+/- 10.00 price range with the idea of adding on a drop to 1149.00 +/- 12.00. Traders may also wish to
utilize July call options or call spreads instead of futures.
Aggressive traders: were flat and missed getting short last month. Let's try the long side at 1175.00
+/- 10.00 with a stop loss on a weekly close below 1140.00.
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The next MMA Cycles Report will be released on March 11-12, 2024.
Geocosmic Signatures for near-term: Feb 7 $H* (8.91), Feb 8 !G* (9.00*), Feb 14 %A_ (9.48**), Feb
17 $A_ (8.70), Feb 22 $A% (9.47**), Feb 25 $G^ (9.54**), Feb 27 %G^ (9.29*), Feb 28 !A& (9.00*),
Mar 3 $G* (9.25*), Mar 4 ^D( (NA), Mar 9 %G* (9.59**), Mar 17 !A( (9.40**), Mar 21 $A& (8.67),
Apr 1 #C (9.15*), Apr 3 $A( (9.12*),Apr 10 %A& (9.18*), Apr 21 !G_ (9.36*) ^A* (9.50**). The idea
is to find a time band in which there are no more than six calendar days between two consecutive
signatures, and then take the midpoint of that time band as a critical reversal date (CRD). For instance,
this condition actually exists from February 7-March 9. The midpoint of this “cluster” is February 22-23,
which we would assign as the CRD, +/- 3 trading days. And it is best if at least one Level One signature is
present then (two asterisks). In this case, there are two: Venus conjunct Mars February 22 (9.47**) and
Venus square Jupiter February 25 (9.54**). We would, therefore, look for any market making a primary
cycle low or high within three trading days of February 22-23, which covers February 19-28.
PLEASE NOTE: THIS INFO IS FOR PRIVATE USE ONLY OF MMA CYCLES SUBSCRIBERS. THE
TRANSMISSION OF THIS REPORT BY ELECTRONIC MEANS OR OTHERWISE IS ILLEGAL UNLESS PERMISSION
TO DO SO IS GRANTED BY MMA, INC.
ANNOUNCEMENTS
NOTE 1: LESS THAN TWO WEEKS! February 18, 2024, MMA’s Annual Forecast 2024 World Wide Webinar
with Raymond Merriman. The Webinar begins at noon EST and will last 3 hours. In the comfort of your
own home or office, you can tune into Raymond Merriman’s annual worldwide Forecast 2024 Webinar.
This broadcast will address themes from this year’s Forecast 2024 book, with updates on financial markets
since the book was written in November 2023. This presentation will include trading plans for various
financial markets based on the possibility of big moves related to the Jupiter/Uranus conjunction of April
21 and afterwards. Questions submitted by registrants in advance will be addressed in a live Q&A session.
If you are unable to attend the live event, then the video recording will be available the following day.
Registration for the Forecast 2024 Webinar is now open. Don’t miss this!
The subject topics of this year’s annual Forecast 2024 webinar will include:
1. The “New Aira,” 2020-2032

2. The outer planets in 2023-2025 and the U.S. war cycle
3. The “Aries Vortex” of 2026 +/- 1 year
4. Jupiter/Uranus conjunction April 2024 and its correlation to long-term market trends
5. The AI revolution and investment opportunities ahead
6. The Federal Reserve Board and outlook for the economy and inflation
7. Outlook for Bitcoin
8. Outlook for Gold
9. Outlook for Crude Oil
10. Outlook for the U.S. stock market
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© MMA, INC, 2023
NOTE 2: FORECAST 2024 IS NOW OUT IN ALL FORMATS – PRINT, EBOOK, AND AUDIO!
This is the 48th year of publishing this popular annual astrological almanac by Raymond Merriman. This
year’s book is 200 pages and provides projections of major social, political, mundane, and economic issues
for the next year as seen through the lens of rhythmic and planetary cycle studies. This is critical at this
time because 1) we are approaching the Aries Vortex in 2025-2026, which itself is the middle of the “New
Aira” period of 2020-2032, and 2) the U.S. presidential election is taking place in 2024. This year’s book
gives an in-depth view of this election. In addition to analysis of mundane cycles, this book also provides
our outlook on the Stock Market, Gold, Silver, Bitcoin, Currencies, Crude Oil, Treasuries and interest rates,
and Grain markets. The back section contains an ephemeris and geocosmic calendar outlining planetary
aspects and lunar ingresses in effect every day of every month from January 2024 through March 2025.
The retail price of the Forecast 2024 printed edition is $66 (while supplies last), and the eBook is $55.
Order now before they sell out (six of the last nine years have sold out, including last year).
This year’s printed and eBook versions will also be available in these languages:
German: www.mma-europe.ch/ or email at info@mma-europe.ch

Japanese: https://www.toushinippou.co.jp/
Chinese: www.nodoor.com/
NOTE 3: The Abridged Edition of Forecast 2024 Audiobook is now available! This shortened MP4 audio
edition, narrated by Thomas Miller, includes the first nine chapters on the Mundane Astrological outlook
for the year (and the next eight years) based on the long-term planetary cycles and their historical themes
over the past several centuries. This will include “The New Aira,” The “Aries Vortex,” Cycles of War and
Renaissance, Living in “The New Aira,” The World and National Economy, and The U.S. Presidential Election
in 2024. Original and special studies conducted on the history of the major aspects of 2024 related to the
election outcome are given. The audio edition will also include the retrograde time bands of Mercury and
Mars and their importance in 2024.
The Forecast 2024 Audiobook is an excellent choice for those who enjoy listening to books while driving,
walking, or working out. The cost of the Forecast 2024 Audio version is $29.99.
NOTE 4: THE MMA WEEKLY YouTube show, Geocosmic Week in Review and Look Ahead, with Gianni Di
Poce, is conducted on Wednesday evenings! Each 5-20 minute FREE episode reviews the market activity
of the past week and offers a preview of the geocosmic signatures in effect for the next week and beyond.
NOTE 5: MMA’S FREE WEEKLY COLUMN IS NOW A PODCAST ON SPOTIFY, APPLE, AND AMAZON! Now
you can listen to a podcast of this weekly column by Thomas Miller on Saturdays! Just follow Merriman
Market Analyst on Spotify or Apple to listen to all our episodes. New Podcast episodes will be released
every weekend. This is a FREE service and is available to everyone. Check out our podcasts on Apple,
Spotify, and Apple Music. It makes for great listening!
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© MMA, INC, 2023
EVENTS
February 18, 2024: MMA’s Annual Forecast 2024 Webinar with Raymond Merriman. Starts at noon EST,
which is 11:00 AM CET, 9:00 AM PST, and 6 PM CET. It will be very early in the morning in Australia, Beijing
and Tokyo. This live broadcast will address themes from this year’s Forecast 2024 book, with updates on
financial markets since the book was written in November 2023. This presentation will include trading
plans based on the possibility of big moves related to the Jupiter/Uranus conjunction of April 21 and
afterwards in the U.S. stock market, Gold, Silver, Crude Oil, and Bitcoin. It will also cover the geopolitical
setup of the outer planets moving into new signs between now and 2025 (war cycles, techno-renaissance
cycle) and into the Aries Vortex of 2025-2027. Cost is $55.00, and includes the PDF of the presentation
slides plus access to the video recording of the event. Questions will be answered that are submitted one
week before the event if they are deemed of interest to the overall audience. If you are unable to attend
the live session, the video recording will be available the following day. Registration for the Forecast 2024
Webinar is now open. Save the date!
March 9, 2024: The Aries Vortex: Third Phase of the “New Aira” with Raymond Merriman. Hosted by
The Astrology University. This is a 90-120-minute webinar presentation that explores the hope for
humanity as shown by the unusual planetary arrangement of 2025-2027 involving the Saturn/Neptune
conjunction on 0° Aries, the Vernal equinox point that marks the start of the spring season in the Northern
Hemisphere. It is also the midpoint of the Uranus/Pluto trine, creating a funnel, or vortex, at 0° Aries. This
has huge symbolic importance to the world and aligns with other important economic and socio-cultural
time cycles. Cost is $30.00 if you register before March 7. For further information, click here.
April 20, 2024: “FORECASTS 2024 AND THE APPROCHING ARIES VORTEX,” Nova Southwestern
University, Ft. Lauderdale, FL, with Ray Merriman. An in-person live event and workshop, 10:30 AM –
5:00 PM, with a 90-minute lunch break. Cost is $95.00. This event will not be broadcast via Zoom, but
recordings will be made available for sale a few days afterwards. For further information and registration,
please click here.
September 19-22, 2024: MMA’s 2024 Investment Retreat. SAVE THE DATES!!! We will be hosting our
2024 Investment Retreat in Europe for the first time since 2015. You won’t want to miss this chance to
meet with the top MMA analysts (plus special guest speakers Claude Weiss and Aleksandar Imsiragic) live
and hear our long-term investments and wealth-building strategies using MMA market timing methods.
There is nothing quite like a life-altering MMA Investment Retreat! This one will be very special, and it will
be our first investment retreat in Europe since 2015! The location is a premier (and affordable) destination
on a beautiful lake with a historic castle nestled in the mountains. Don’t miss the opportunity!
Disclaimer and using this information properly: Futures trading involves risk of large losses as well as large
gains, and the reader is solely responsible for any actions taken in markets, and neither the author nor
publisher assumes any responsibility whatsoever for the reader's decisions. Futures or options trading are
considered high risk.
These comments are given to serve as a guideline for traders for each day and/or week. Comments and/or
recommendations are based upon prices at the end of the day or week. Traders are advised to use these
only as guidelines - and use intraday analysis to establish positions in directions of comments given, so
long as those support/resistance (entrance) areas) look favorable according to intraday analysis as well.
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© MMA, INC, 2023
Support and resistance are areas for day traders to look to buy and sell intraday. No guarantees are made
for accuracy.
Information is provided herein with sincere intent and according to our own studies and methodologies.
These reports are provided mainly for “speculators.” By its very nature, “speculation” means “willing to
take risk of loss.” Speculators” must be willing to accept the fact that they are going to have losing trades,
many more than, say “investors.” That is why they are “speculators.” The way “speculators” become
profitable is not so much by a high percentage of winning trades, but by controlling amount of loss on any
given trade, so the average trade on winners is considerably more than the average trade on losing trades.
MMA’s comments can be of value to both speculators and investors. MMA’s trade recommendations will
be of potential value only to speculators.
Support may represent favorable risk/reward places to buy if the trend is up. If prices trade below support,
then have a close back above; it is considered a bullish “trigger” and oftentimes represents a good buy
signal. Resistance may represent favorable risk/reward places to go short if the trend is down. If prices
trade above it, then have a weekly close back below; it is considered a bearish “trigger” and oftentimes is
a good sell signal.
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© MMA, INC, 2023

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FEBRUARY 5-6

VOL. 42, NO. 2

REVIEW AND PREVIEW by Raymond Merriman

LONG-TERM CYCLE REVIEW

THE INTERMEDIATE-TERM PICTURE

THE PRIMARY CYCLE

ANTICIPATING THE PRIMARY CYCLE IN GOLD, by Pouyan Zolfagharnia, MMA Analyst

LONG AND INTERMEDIATE-TERM CYCLES

THE PRIMARY CYCLE

IN ORB OF THE PRIMARY CYCLE IN SILVER, by Pouyan Zolfagharnia, MMA Analyst

Jan 30-1* Most often a high

INTERMEDIATE AND LONGER-TERM CYCLES

How will we know which scenario is unfolding?

NAVIGATING UNCERTAINTY IN CRUDE OIL, by Pouyan Zolfagharnia, MMA Analyst

LONG AND INTERMEDIATE-TERM CYCLES

THE PRIMARY CYCLE

Longer and Intermediate-Term Cycles

EURO Preferred Monthly Chart, as of February 2, 2024.

The preferred bearish scenario

The alternative bullish scenario

EURO Preferred Weekly Chart as of February 2, 2024.

EURO Preferred Daily Chart, as of February 2, 2024.

The alternative bullish scenario

Long and Intermediate Cycles

1. The “New Aira,” 2020-2032

German: www.mma-europe.ch/ or email at info@mma-europe.ch

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