The US election chaos continues and if Washington can not stimulate the market the ball bounces into the Fed court, but in the end, it is all about the US dollar.

The euro currency (EUR/USD) represents money flowing between European and US Banks. European banks have had a rough time lately, and when they suffer monies flow in to US Banks, thus adding to US dollar strength.

The ETF for European bank stocks is iShares MSCI Europe Financials (EUFN). The chart below shows the EUFN upside down (inverted) compared to the US Dollar (DXY) index, and you can see important pivot points sync between the two (blue arrows). When European banks get a vote of confidence the US dollar is softer, when the European banks lose confidence the US dollar gains strength. 

At the moment EUFN is rising (or with our inverted EUFN chart it is falling), European banks are improving, hence this suggests weakness for the US dollar into Xmas. Just in time for a risk-off Xmas rally.

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A lower US dollar suggests anti-US dollar trades will do well, and the biggest anti-US dollar trade in the news at the moment is bitcoin (BTC). We see a nice pattern of accumulation followed by advancing price action into upper resistance, no doubt all-time high prices are near.

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Below is the Gann Angle and T Theory review of Bitcoin. Late December 2020 to mid-January 2021 should see price top out near $20,000 resistance, and most likely build a consolidation pattern as we must expect supply to arrive at resistance and then finally to break out into all-time highs. 

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There is some discussion of T Theory on bitcoin in this video.