10:34 p.m., EST
It’s easy, lazy, does not require much thought to jump on the ‘dollar crash’ bandwagon.
Everybody’s doing it.
But let’s take a look at truth.
What does the market say about itself?
If the dollar manages to close below support (shown above) tomorrow, Friday, it sets up the market in Wyckoff spring position.
Weekends are always tough. The futures markets are closed from late Friday all the way to late Sunday.
A lot can happen (and sometimes does) in that time.
If there is an ‘event’ and you have no futures access, it can be excruciating to wait until 7:30 a.m., EST (pre-market) on the following Monday.
For now, all we need to know is, if the the dollar closes below support tomorrow, it will be in position to rally (significantly) in the coming weeks if there is a reversal.
Charts by StockCharts
Pingback: Gold & Dollar, Reversal Ready « The Danger Point
Pingback: Dead Cat Bounce … or, Was It? « The Danger Point