Good morning from CFT (our Friday video is out!).
Not much to report in the last week; we have been trading sideways, as you can see from the chart. Still possibility we are in this Elliott Wave triangle; our indicators are just sitting at neutral, not really giving any good buy or sells at the moment. But we’re still expecting it resolves to the upside. And we also have shown, we actually could have five waves down into the low that we made there at $28,000 and change, and then possibly we could be looking for (if nothing else) an A-B-C rally out of here.
So we still think we’re trying to make a low; we are under accumulation.
It is a good time to be involved in this market for the longer term and get invested.
On U.S. stocks,
June 3rd we were long as the green arrow shows, yesterday we did take some profits. We do think we need a rest here and could have a short term pullback, or maybe even a larger pullback. So now we are back to being defensive.
Indicators today are friendly; we look oversold here; Dollar looks like it could catch itself and still work higher.
And we are still short the XAU and look for lower.
That’s all, have a good weekend; thank You!