Good morning from CFT with our weekly update (attached video).
We had mentioned when BTC was around $11,300 that if it held here we could see a rally up to $12,000. We did get that actually, and then PayPal came out with the news that there including Crypto now to like 356 million of their customers. That gave us a bunch of FOMO up to $13,000.
Right now, we are at $12,964. We could still see this being a B wave and a correction coming. We will show kind of the same count on the stocks.
So we are still now really friendly here, we are looking for some type of pullback. If we are wrong, we think the new count would be that the wave 2 has already ended, and we are continuing to expand on another wave 1 higher. Which will mean we will still have corrections, and rallies, and some sideways here.
If we continue to see strength, then we will change our thinking to a much more bullish pattern. But for now, we are still going to stick with a…were looking for a…. you know we could still poke our head above the $13,200 again, but for now, we are still looking for some type of pullback.
With that in mind, if we go to U.S. stocks. Here we show our recent trades, we had a buy signal on the 24th, with the green arrow, we gave a sell on the Monday morning pop on the 12th we believe it was. Our indicators got a little bit friendly in the last day or two, which stopped the decline from accelerating, but we are still bearish and looking for lower on U.S. stocks.
Then we have the dollar, which got deep the last couple days, but we like the reversal today so far, so we still think this 92.50 is important. If that is taken out, we are going to give up on the dollar as we think it will work to new lows, but for now, today’s action we like.
On XAU (Gold), we are short this, and we still think this resistance at 151 or so will keep this in check, we are short and looking for lower.
Have a good weekend. Thank You