Tuesday, November 24, 2009

Morning Post

Short post this morning - I'll just say look for am impending breakout or breakdown of the dollar. Tony C once told me the descending triangle was not a formation for a reversal. I proved him wrong then and there is a chance it will break up here as well. Then again, most are anticipating a continuation move south. To argue against the continuation at this time, the bottoming of a 5 wave formation, the oversold indicators, the break and back test of the LT down trend line (pink) and this formation is different of any corrective since the top. To argue for more downside it is simple, Helicopter Ben and the manipulation all in the name of "saving the country" (I mean Wall Street riches).

It is quite possible this is the E run down of the A-E formation and the bottom could happen this week. The formation ends by December 14th.This all assists in pointing to a possible top of P2 here or very soon.

DXY 60m long term  -

 DXY short term - see yellow triangle.