Good afternoon from CFT (our new video is out!),
Bitcoin, We are still showing the Triangle we have been monitoring here for weeks. We mentioned last week possibly the low was in for this a-b-c down of the red wave C red. Looking for a red wave D up to above $52,000. That is still our idea here. The stock market has bounced; it is getting closer to overbought, so we are watching. Slight possibility that possibly we could reach a little lower for this red wave C here. That would mean we’ve got some weakness still coming. And the worst-case scenario that would really wreck some portfolios short term would be a pullback here for a larger flat, more down to the $24,000 level or so. That would be a large a-b-c, and not the Triangle we have been looking for. So stay tuned, monitoring the action short term to try and figure out if the lows are in, or if we got a little bit lower to go, before the return of the bull market.
On U.S. stocks, we talked about a green wave 4 ending. We did reach a little bit lower last week. Still, we think this wave 4 is ending here, so we are looking for higher this week. If that happens, we will monitor when our indicators get overbought and try to take some risk off the table. Â
Dollar, We talked about it topping here at 95.75 or so and heading lower. We did have a large continuation rally, so we were definitely wrong on the Dollar. We still think this rally is nearing an end, and we still look for the Dollar to turn lower. So we will be looking for a place to still be short this and look for lower.
Precious Metals, We talked about it being overbought. A little bit of selling came in last week, but still, here we are not sure and on the sidelines.
Thank You!
CFT Team.