17 thoughts on “CHART OF THE DAY

  1. gary Post author

    Euro now headed down into a final intermediate cycle low. Probably a marginal break to new lows (bear trap) to panic traders and get the shorts to load up again. Then a big reversal into an intermediate degree rally over the next 4-8 weeks forcing all those shorts to cover at a loss.

      1. Bob UK

        Yep, there is a shortage of hair oil for tightly curled hair and the price of too tight white trousers for waiters has shot through the roof.

        No, no news.

  2. John

    Looks to me that the $USD index has broken out of its consolidation pattern that it formed over the last month. Assuming we close above 95.25 on the index; this would suggest another leg up with a target area of at least 97.25.

    1. Tenyear

      Maybe. But sometimes those first breakout moves are failed moves. If it is confirmed tomorrow, I agree.

    2. gary Post author

      I doubt it. The euro is deep in its cycle count. I expect a bear trap in the euro and bull trap for the dollar followed by an intermediate degree trend reversal for 4-6 weeks.

      1. John

        Well Gary, even you said that the dollar would need to correct or consolidate to work its way out of its overbought condition. That is exactly what it did. It has now broken out to the upside and will hit 97.25.

        1. gary Post author

          I doubt it. It’s very late in the euro cycle and due for a bottom any day. When the euro bottoms the dollar will top.

          There are already divergences forming on the weekly charts so I think the breakout will be a bull trap followed by a 4-6 week correction. After the correction then the dollar has a shot at 100-102.

          1. John

            Looks like little Johnny got it right; and I did not have to use any of this cycle babble BS. Just simple technical analysis. That’s all you need folks.

  3. M.D. Cov

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    1. MuffinTop

      Watch out Gary! Sounds like M.D Cov’s getting a little excited :o) In more ways than one..! Oooooh snap, I said it.

      1. M.D. Cov

        MY point is stop being cheap and fork over the messily $16.67 per month……. Jesus people nowadays.

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