NOTE: This is a daily chart, and I prefer the weekly charts for major turns. I'll build one and let you know if my opinion changes.
Monday, September 28, 2009
My Dollar Chart
I don't see much more downside at this time, but they could just surprise the hell out of all of us as you hear targets in the lower 70's on the MSM. Bottom line is it looks oversold as all get out. It is at support. IMO a throw under of the E touch of the falling wedge right near the target for a 5th wave. Get real. It should be preparing for launch. Look for RSI to crack the down trend line as a key. This in combination with the VIX chart below and the SPX and you get a brew that is screaming TURN. Have your stops in place and a plan for entering the trade just in case "they" decide to play the devaluation card again.
NOTE: This is a daily chart, and I prefer the weekly charts for major turns. I'll build one and let you know if my opinion changes.
NOTE: This is a daily chart, and I prefer the weekly charts for major turns. I'll build one and let you know if my opinion changes.
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I noticed today UUP and SSO both are up today. This has not been the case mostly.
ReplyDeleteLS - things are getting weird. I believe decoupling is occurring showing possible signs of a turn. Investors starting to change their stance. Might get real confusing soon for a week or two.
ReplyDeleteGL
I'm getting tired of calling bottoms in the dollar. Maybe that means it is near the end. However, I don't see a reversal without a good capitulation day(s). The last few weeks has been slow torture.
ReplyDeleteBand58
I ready somewhere that the Fed boosted the dollar for the G20.
ReplyDeleteSteve - possible. Would not surprise me. They might have let it pop to keep some rhetoric down about it at the meetings. Most countries are saying we're keeping it deflated to protect our economy (like, duh). No one pressures the Fed, so I expect it to remain weak no matter what it looks like technically. It will be a long slow pop IMO if it does pop. It all won't matter in a couple of years. the dollar will be history.
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