raymuy - let me clearly state - the reason I show UUP in the
daily newsletters is simply because stockcharts.com does not update
the US Dollar chart for several hours after the close and I want to
get the newsletter posted much earlier to benefit all members.
Further, I have not put any longer term wave counts on UUP so no
worries. Feel free to post your counts here at
anytime.
Sorry but USD does not update in a timely fashion - I don't put
out the newsletter the next morning so maybe you should contact
stockcharts about such a delay relating to USD. This is
something you should be well aware of as a stockcharts user (your
chart below). So please understand that if the USD chart
were updated by stockcharts prior to my newsletter I would
definitely prefer to use the USD chart. Members much prefer
the newsletter out in a timely fashion.
The difference is a spot price versus a price of the front month
of DX futures. The same thing happened with gold, which bottomed on
the spot price in September and on the futures contract in
November. Futures contracts leave gaps when a contract is rolled
over. Some EW analysts do not like to use futures for that
purpose.
Spot market in currencies is much bigger than futures markets,
so spot should be used for them for charting in the ideal world.
For precious metals, the opposite is true. I do not have an opinion
on the stock indexes.
Hi Steve, they always told
Posted by raymuy on 14th of Apr 2023 at 05:35 am
Hi Steve, they always told me to use the original index rather than an ETf like - in this example - UUP
you ll see that in the index we are below the Feb low, where in UUP we are not !! big difference if you try to map out the dollar Index with EW counts
Lastly, I was not showing
Posted by steve on 14th of Apr 2023 at 07:37 am
Lastly, I was not showing any EW counts on UUP whatsoever
I didn't mention you were
Posted by raymuy on 15th of Apr 2023 at 03:57 am
I didn't mention you were showing an EW count ! actually I was : )
bullish engulfing candle at the bottom
Thanks for clarification - very
Posted by steve on 15th of Apr 2023 at 10:29 am
Thanks for clarification - very nice clean chart. IF 5 waves down completed then should see a large retrace next.
the previous chart I mailed
Posted by raymuy on 16th of Apr 2023 at 10:01 am
the previous chart I mailed yesterday was a daily chart from the last leg down , basically wave 5
this chart is a weekly chart and if this is correct we now have 5 waves down from the top from last September
where in UUP we only have 3 waves ! - which is also the reason I sent that message
you know better than I do this makes a big different -
if this is right and the dollar goes up we might see a leg down in stocks - well that s what we saw last year anyway - dollar up, stocks down
we have a pos divergence in the histogram of the macd
raymuy - let me clearly
Posted by steve on 16th of Apr 2023 at 01:25 pm
raymuy - let me clearly state - the reason I show UUP in the daily newsletters is simply because stockcharts.com does not update the US Dollar chart for several hours after the close and I want to get the newsletter posted much earlier to benefit all members. Further, I have not put any longer term wave counts on UUP so no worries. Feel free to post your counts here at anytime.
Sorry but USD does not
Posted by steve on 14th of Apr 2023 at 07:35 am
Sorry but USD does not update in a timely fashion - I don't put out the newsletter the next morning so maybe you should contact stockcharts about such a delay relating to USD. This is something you should be well aware of as a stockcharts user (your chart below). So please understand that if the USD chart were updated by stockcharts prior to my newsletter I would definitely prefer to use the USD chart. Members much prefer the newsletter out in a timely fashion.
The difference is a spot
Posted by junkie on 14th of Apr 2023 at 06:57 am
The difference is a spot price versus a price of the front month of DX futures. The same thing happened with gold, which bottomed on the spot price in September and on the futures contract in November. Futures contracts leave gaps when a contract is rolled over. Some EW analysts do not like to use futures for that purpose.
Thanks for that explanation, junkie,
Posted by simple_million on 14th of Apr 2023 at 08:56 am
Thanks for that explanation, junkie, I never knew what the difference was either
Spot market in currencies is
Posted by junkie on 14th of Apr 2023 at 08:59 am
Spot market in currencies is much bigger than futures markets, so spot should be used for them for charting in the ideal world. For precious metals, the opposite is true. I do not have an opinion on the stock indexes.
Some analysts? which ones are
Posted by raymuy on 14th of Apr 2023 at 07:16 am
Some analysts? which ones are you referring to ?