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look at 30 yr chart.. see different picture
You trade… off of 30 year charts? What’s your average hold time for a trade? Just askin’.
On a thirty year chart I can’t see the consolidation.
Gary, yesterday you thought the US dollar
Index would trade down to 92. Have you changed your mind?
It’s always been either a correction down to 92 or a long sideways consolidation before the rally can continue. The lack of follow through is suggesting it may turn out to be a triangle. We’ll just have to see how the next week plays out to get a better idea of which scenario it’s going to be.
But I’ll say again the dollar isn’t going above 100 for a while. The 200 day moving average has to catch up to price, at least to some degree, first.
Great charting Gary.
I ran FIBs and interesting thing is DXY raise from 79 – 86 and 23.6% retraced to 84 and now advancing.
Usually such advances reach 323% of 1st advance which is 110 level and finally to 120 levels for this wave completion.
I’ve a small position in NUGT , but it’s time to close it now.
Thx
So the target of the 30th of March is of the table?
What target for Mar. 30th? It’s already passed.
Surely 120 would crush all the commodities – oil, gold, silver, agriculturals, etc, etc?
As well as the equities.
Probabaly both.
Flippity floppity
Nope. I’ve been saying all along that the dollar would either correct, or go into a sideways consolidation.
Nice try though 🙂
Still having trouble being patient on the S&P, Bob UK? Our cycle low is coming… and one 200 point up day on the Dow will not stop it.
Yes, I am Roy to be honest. I didn’t bite the bullet in the last Oct/Nov low and the two stocks that I would/should have bought at that time have had 50% and higher than 50% returns.
I will wait though. I have waited long enough.
All technical analysis has become worthless. The use of computers and algorithms by the big players have removed human emotion from the trading process. The markets are no longer a reflection of human emotion which is basically what technical analysis was all about, that is, fear and greed. We also have central banks, with active printing presses, buying into the markets and they are also doing so without emotion. They only know one trading technique and that is to buy, buy,buy. The rich folks are lovin it.
There are 3 thing that can happen:
1. drop
2. rise
3. consolidate
You say it will be 1 or 3. Are you serious?? What is the value of such a “prediction”?
On the 30th of March you were pretty clear about the USD. You have changed that view completely.
That’s what I’m saying, but yet again he claims he’s been calling it right all along. Yet his charts posted last week say different
You can’t argue with someone like that
Dave,
The dollar needs to allow the 200 DMA to catch up to price. That can happen one of two ways. Either a correction down towards the 200, or a long sideways consolidation to allow the 200 to rise to price.
Personally I don’t think there is a trade in the currencies right now because we don’t know which one its going to be. But once one of those two things happen then there will be a big trade for the next leg higher.
Mike,
Listen to the audio I linked to. I clearly lay out both scenarios. My call is that the dollar isn’t going above 100 until either a correction or a consolidation and I will be exactly right on that call.
Just realized that the stock futures dived overnight. Those poor hedge fund guys get any sleep at all?