Good morning from CFT (our new video is out!),
We had been bullish last week and have been here over the last few weeks, that an a-b-c decline was ending here. Possibly could be a big 1-2 that’s ended, which means as shown on the chart, we have a lot higher to go, headed to $100,000. A-B-C red correction is now behind us. Our indicators are looking a little overbought this morning after this spirited rally overnight, so we could slow up here and move sideways before going higher. One thing we will be watching is this possibility this could be an a-b-c, that would be ending up here, and another a-b-c down to $37,000. That is NOT our preferred count, we’re still bullish for higher.
we have been bearish, indicators did get a little bit friendly yesterday; we were down overnight but now opening up higher. We do think U.S. stocks are making a low here and going to bounce.
We have been looking to be short, we didn’t think 93.70 would be taken out, but we have no position. We still want to be short here, we think this is an upthrust, and we will head lower. So our indicators were friendly, and we were watching them to turn bearish, and we’ll get short.
Correspondingly in the XAU,
if the Dollar turns lower, the precious metals should turn higher. So we are looking for precious metals to make a low here.
Have a good weekend, and thank you!