Say the Federal Reserve turns dovish, which would be a dramatic change from the last few weeks of hawkish talk, then the old stars would move higher. Could the Fed turn dovish, announce a 1x rate hike, and be done?

Of course, when the wider market wakes up and sees the economic risk of higher rates on the massive debt load, the Fed would change their mind.

If you review the junk (JNK) and emerging market bonds (EMB), you may see that this market is already stressed. In the past, the Fed had started the easing cycle when these markets have reached such a level of stress. 

Given this backdrop, I would say to keep an eye on Ethereum (ETH-X) for a possible run up to $15,000.

Chart 1 - Channel Momentum

Chart 2 - Cycles