Good morning from CFT (attached video),
A tough week for us, many of our investment roadmaps have been negated or challenged. So we still want to go over that. Here we have bitcoin – BTC had that sideways; possible wave 4 triangle at that $13,200 level, and did proceed to make a straight-up move to almost $16,000 from there. We do think that is an ending move and we got an “abc” coming back down to that support, making a move back down to $13,200. There is a way to read it that we could pull all the way back to $10,500.
Again, we will monitor that. The bullish count is that we are going to continue to subdivide higher. We know many people are talking about because of the continued QE, that there will still be continued people chasing Bitcoin. So we will monitor that, but we are still looking for some type of correction here to reestablish some positions.
If we go to U.S. stocks, we talked about our indicators last Friday coming into oversold…We didn’t really give a good buy signal, because we were close, but didn’t jump because of the elections. You can see we are back to the previous “b” wave high. We don’t’ think we are exploding higher here, we think we will settle back down and pullback. Our indicators are overbought now so we will be watching for that.
The US dollar also came under huge pressure after the elections and talk of more QE etc. We have came down for another “abc” back down. We don’t think we will crash to new lows here, but this has definitely turned sideways to lower, so we will monitor for that as new lows will provide further strength to crypto, but again we don’t think that is happening right here right now.
Same thing with the metals, we have been short here with some losses now, we have had an “abc” back to the upside, we don’t think we are going to all-time new highs here now, but the chart has been turned more sideways.
We will be monitoring the markets, and will give updates when we have stronger opinions.