USD hanging onto the edge of a cliff…
It’s literally already been pushed over, but it has a day and one week to pull itself back up (i.e., get back above the weekly Ichimoku cloud). (Apologies for the terrible screenshot.)
The thing is, this is flat bottom cloud that the USD is dealing with immediately in front of it (which IMO are not typically penetrated from below), and thus if it fails to close back above the 103.14 level next week, the path of least resistance is down (sideways at best) through the rest of the year, at least.
(Also, FYI, UUP is terrible at tracking USD (it has crushed USD index since rates bottomed in 2016). Apparently, UUP earns interest on derivatives it holds, and with rising rates its value therefore has outpaced the USD index substantially. Pull up a long term UUP:$usd ratio chart if you don’t believe me.)
I am going to go out on a limb and say that something major in markets is about to pop off literally imminently.
Remember folks, this is about the balance of probabilities, not some guarantee. Do your own due diligence.
Sir Nautilus,
Excellent post!
Do you think the Tenters care about the aesthetics of the charts? Well may be some do.
Every “anal-yst” wonders why the Fed hasn’t cut the damn rates already, or will they cut next meeting?
For once, I have seen inflation actually go down, in groceries, gasoline etc.
Just imagine if the Fed were to cut rates, what’d it to the dollar? And hence gold? Was silver (and GSR, too) indicating that it is not a matter of days?
This is not hyperbole.
For the past 2-3 months, I’m following a guy who, of all the people, has been complimented by none other than the great Michael Oliver, saying “this guy gets it”
https://x.com/RockBtmEntries/status/1824104704768376834/photo/1
https://x.com/Oliver_MSA/status/1818676573689856265
We’ll all know soon. Right, Sir Silverboom?
GL
My point is that this is a super important next few weeks across markets. that’s it. I believe this a key turning point. A true recognition by the smart money at least that it’s over for US paper.