Sunday, October 25, 2009 11:50:28 PM
US Dollar Index
....The DX hit the lower trendline today at just below DX75, but the STU has been watching for a throw-under and sharp reversal at DX74.50. The great thing about the pattern the DX is in, the ending diagonal, is it is clearly a terminal pattern and will be followed by a reversal up. The only question is when. The throw-under and reversal would be a classic indicator of when, but is hasn't happened, and need not to end the pattern. The closing wedge shape is clear, albeit could run for a while before still.
Gold has formed a triangle, the penultimate pattern, indicating another (and final) thrust up is about to occur in gold. Probably the spike down in the Dollar and run-up in gold occur around the same time. So watch gold first to give advance warning of the Dollar Bottom......
http://yelnick.typepad.com/yelnick/2009/10/we-may-have-just-topped.html
....The DX hit the lower trendline today at just below DX75, but the STU has been watching for a throw-under and sharp reversal at DX74.50. The great thing about the pattern the DX is in, the ending diagonal, is it is clearly a terminal pattern and will be followed by a reversal up. The only question is when. The throw-under and reversal would be a classic indicator of when, but is hasn't happened, and need not to end the pattern. The closing wedge shape is clear, albeit could run for a while before still.
Gold has formed a triangle, the penultimate pattern, indicating another (and final) thrust up is about to occur in gold. Probably the spike down in the Dollar and run-up in gold occur around the same time. So watch gold first to give advance warning of the Dollar Bottom......
http://yelnick.typepad.com/yelnick/2009/10/we-may-have-just-topped.html
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