Matt's long-term dollar chart used to show a big 2-year wedge,
which the dollar broke below in March. Now it's rising back up for
a back-test..maybe the $22 area. Sorry I don't have the chart to
post.
UUP could easily play out the recent inverted H&S and more.
The Euro and yen are anybody's guess. The broken UUP wedge
trendline however could be resistance for the dollar soon
dallassteve - the entry for far better at support when the USD
was at the bottom of the channel and had hit the 73 projection of
0.618 for wave C. Or when UUP break the downtrend line back
in early May, or last week after UUP pulled back from resistance
which I talked about last Sunday on the 15th (UUP pulled back from
horizontal resistance to form a higher low.
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In case anyone missed it, the UUP gapped above the neckline on the 60 min chart
Posted by puma on 23rd of May 2011 at 09:54 am
UUP
Posted by dallassteve on 23rd of May 2011 at 09:58 am
thanks for mentioning this, puma
I am certainly interested in buying some shares, just watching if there is a pullback first. Anyone have a suggestion about timing?
Are you trading or swing-trading?
Posted by sankaty on 23rd of May 2011 at 10:12 am
Matt's long-term dollar chart used to show a big 2-year wedge, which the dollar broke below in March. Now it's rising back up for a back-test..maybe the $22 area. Sorry I don't have the chart to post.
UUP could easily play out the recent inverted H&S and more. The Euro and yen are anybody's guess. The broken UUP wedge trendline however could be resistance for the dollar soon
UUP resistance
Posted by dallassteve on 23rd of May 2011 at 10:39 am
Yes, UUP has lots of resistance overhead. On a three year chart, if it made it to 22, it would be backtesting three previous lows around that area.
Also, Steve's UUP views posted below show the 50% fib level around 22.12.
I'd like to swing this one, but maybe I don't have enough confidence on the present set-up.
The inverse H&S might form another right shoulder, which would mean more choppiness.
dallassteve - the entry for
Posted by matt on 23rd of May 2011 at 11:21 am
dallassteve - the entry for far better at support when the USD was at the bottom of the channel and had hit the 73 projection of 0.618 for wave C. Or when UUP break the downtrend line back in early May, or last week after UUP pulled back from resistance which I talked about last Sunday on the 15th (UUP pulled back from horizontal resistance to form a higher low.