Hello from CFT with our weekly update (attached video).
As everyone knows, Bitcoin has continued to press higher. We have had to change our count a little bit, but it looks like we have done 5 waves up off of this green wave 4. We are still expecting large selloff, and « abc » down to possibly as low as $13,000-13,500 level. We are going to monitor for that as we think we have had somewhat of a blowoff top here, and still looking for a pullback.
If we go and look at U.S.stocks, we did give sell Monday morning right at the highs, and that did turn us down. Nothing sharply yet, but we do think it is the start of a pretty good selloff here. We will monitor that and let you know when our U.S. stock indicators get more friendly, but for now, they are definitely bearish.
If we look at the dollar, we were still looking for a continued strength here. It did make the low we mentioned down around 92, we have retraced back near that and holding, and we would still like to see a rally up to 93.75, which again should apply more pressure to hopefully the Crypto and to the XAU to where we are still short.
XAU we have been short for weeks now, and looking for this level at 134-135 to finally give away and usher in a quick round of selling.
Thank You and Have a good weekend!