Bitcoin – Stocks – $ – Metal – Our weekly video is out!

May 14, 2021

Home 9 chart Analysis 9 Bitcoin – Stocks – $ – Metal – Our weekly video is out!

Good morning from CFT (our video is out!),

 

We had been looking for a rally up to $60,000 to complete the red wave “D” on our last video. We did get a rally up right near that, and it failed horribly, then we were looking for a breakdown to $50,000. Elon Musk tweet knocked us down hard a couple of days ago; actually, we went to a new low below the wave “C. So we did look for a bounce here; things have kind of clouded for us, so the triangle maybe has just been moved over, this might be the wave “C”, so we might be trying to get a wave “D” rally up, and make the triangle look more so like this (watch the attached video). But again, positions a little bit cloudy for us; the falloff was a little deeper than we wanted. So we are a little bit friendly here, indicators did get close to oversold, but we will watch this here in the next few days before we make a strong conviction in our positions.

On U.S. stocks,

we continue to look for a top; we have had some weakness in the last week. Indicators did get close to friendly two days ago, so we have bounced, but we probably think the trend here has turned lower, and ultimately we will see lower prices. 

The Dollar,

still sitting down at the levels we wanted the positions to hold higher than where we are now, so we are not happy with the Dollar here. We have a selloff today that we hope will catch some support and turn higher; if not, we will take small losses here.  

Same with the XAU, 

still short with slight losses and going to exit positions if we do not get a turndown.

Have a good weekend, thank you!

CFT Team!