goodguy
Short

Great setup for a drop in the US dollar index

INDEX:DXY   U.S. Dollar Index
227 0 1
I still think there is a good chance the US dollar             has been forming a long term 5 wave triangle (ABCDE) before one last major drop. Although the RSI has gone to a new high, the price high at C has not yet been bettered leading to a potential negative reversal. This pattern indicated that price is weaker than the indicator and often leads to new lows. We also have a bear divergence more recently in the RSI where the RSI has been dropping while the price is rising. This week we also has a bearing engulfing candle. When all added together it looks potentially very bearish .
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