Potential Reversal at 21.20 | $EURUSD $EUR $USD $UUP $UDX

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On January 10th, we offered a bearish target in the USDollar             Index using an advanced pattern called "Wolve Waves Pattern", named after its discovered, Bill Wolfe - See the bearish target being hit quite precisely, and the rallying that ensued here:
$USDollar - Target Hit Dead-On

Now, we continue our study of the USD, we are turning to a 3x bullish PowerShares ETF , namely: UUP             . In this chart, price continues to fall to a level that is nearing a target we had defined back in early February, but decided to reconfirm once more.

In essence, to the advanced pattern trader, the geometric             pattern that may come out of the chart is a Bullish Shark , followed by a 5-0 pattern. We mention this because in the predictive analysis and forecasting strategy we use, the targets that were generated and posted in the chart came out just as close, give or take a few decimal pip values.

Hence, combined with our proprietary strategy, we believe that UUP             is coming to a potential reversal point. In fact, we continue to code the probability level of the forecasts using green for "High Probability", yellow for "Intermediate Probability", and red for "Low Probability".

In this particular case, the targets are:

1 - TG-1 = 21.20 - 01 MAR 2014, yellow
2 - TG-Low = 20.95 - 01 MAR 2014, red
3 - TG-High = 22.04 - 01 MAR 2014, red

In sum, our prop strat has produce one intermediate/moderate probability target in the most immediate level, and two low-probability targets, one in the low side with a "Low" qualifier based on our analysis outcome and lack of corroborating data with a background geometric             pattern, as compared to TG-1. In the case of the TG-High, the probability is rated as low based on the variation between TG-1 and TG-Low.

our system calls for a potential reversal at the levels and for reasons defined above. The overall directional bias remains bearish until we receive an early bullish market reversal signal, in which case, we would turn the "sign" over to "Neutral". Not until we receive a bullish market reversal confirmation, do we plan of posting a "Long" sign.

Hey, want to see another potential Wolfe pattern development? Check out our recent take on MSFT:
Update: Wolfe Completes; Bulls Get Soft ... Bearly | #NASDAQ

Also, see our recent comment on Bitcoin's BTCUSD             ( Bitstamp and MtGox exchanges) here:
A Classical Tale Of "Told You So"? | $BTC #Bitcoin #Litecoin


David Alcindor
TradingView.com Moderator, Alias: 4xForecaster
Predictive Analysis & forecasting

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Disclaimer: Forecasts, analyses and directional opinions generated herein are for educational purposes only and are not trading recommendations. We trust that you will do your own due diligence first, then seek professional advice from a licensed professional, then enter the market at your own perils - David Alcindor - TradingView.com Alias: 4xForecaster
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