Hello from CFT (our video is out!),
We are still looking for this red wave triangle to be our roadmap.
Last week we had an a-b-c rally that ended up there on the “w”, and we have had an a-b-c down to the current prices of $38,600; we think that could be an “x” wave here. If that’s the case, we could see an a-b-c rally now up for the “y”, of the red wave (D), of the large white wave (4).
So if $38,000 starts to give away, and touching maybe $35,000, then we could be in trouble and be looking for a break of the $28,000 level.
But for the moment, we are not looking for that. We do think we have a rally to $53,000 incoming, once we shake off this Russia news.
U.S. stocks,
We have been talking about a green wave (4) has ended, we still think that is the case. Our indicators are extremely oversold on stocks, and we look for a rally.
Dollar,
We have been calling for a top; we think we had the upthrust there three weeks ago; we’re testing that upthrust, and will start a downtrend.
And with that in mind, we expect Precious Metals to continue to work higher but nothing dramatic.
Thank You!
CFT Team.