Good morning from CFT (our video is out!),
We had made this our preferred count, that the wave 4 low is in. We were working on five waves up. It does look like the fifth wave ended a little lower than what we wanted, but it looks like possibly we had five waves up in place; now we’re looking for an a-b-c- down, it could be complete, or we could work a little bit higher here, and then come down again in a week or so. That’s probably one of our main counts. And also, there is a possibility that the wave 4 low is in, and we are still going to go higher for a wave 5, and then have an a-b-c pullback. Those are our two scenarios, and we will be watching those in the week ahead.
Nasdaq, A little bit of selling, a little bit of rolling over at the top. We do not have strong buy signals yet, so we are still looking for lower.
The Dollar, We had said it would try to bounce, and it did that last week. But, once again, still rolling over. We are looking for this market to go to new lows below 89, which should help Crypto work higher; then, we will be a buyer of the dollar below 89.
Precious Metals, As the dollar falls, it should be able to rally. But, as we had mentioned, this is a spring, we believe in accumulation, and we are working on a test here, then the XAU will go higher.
Thank you, and have a good weekend!