philthephatman

Potential Reverse Head and Shoulders Pattern Spotted

Long
TVC:DXY   U.S. Dollar Currency Index
While the markets are looking long overdue for a pullback, the dollar, in direct contradiction (as it should be!) looks to be ready to move up (strengthen). A potential reverse Head and Shoulders ( H&S ) pattern appears like it could be forming on the daily. This coincides with the theory and timeframe of my prediction regarding The Fed's upcoming meeting in June, interest rate increase, and the DJI (see link to related ideas below).
Comment:
Re-adjusted Head and Right Shoulder to account for latest price action. Still a strong potential. Keep watching this folks!
Trade closed: stop reached:
Closing. The pattern has been nullified with the most recent drastic drop!

Comments

Just move it over... the head should hit around 89.2 - 89.5 .. if it breaks those, look out below! I'm planning on going in long w/a tight stop around there. It hit 89.206 on 1/6, broke the trend support on Friday, so it should test that low.
Reply
@lazytrade, Damn. You might be right. But, if you are, that is a scary prospect for the stock market! I had us moving down to DJI 25k sometime before the year's done. If you're right, and the pattern still plays out as a reverse H&S, then I smell DJI 20k or lower!
+1 Reply
lazytrade philthephatman
@philthephatman, They're not done with us yet, that much is for sure.
+1 Reply
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