10:20 a.m., EST
UUP, In Spring Position
The long term bullish work on the dollar (UUP) has already been completed.
The last update posted on June 19th, is here.
That update contains the quote below along with a link to an earlier report:
“The updates on the dollar have proposed, since the bullish divergence (now turned rally) is on a longer, weekly time frame, the ensuing move could have the potential to carry the index UUP, to the top of the trading range shown here.”
Since the June report, the dollar has rallied as expected.
At this juncture, it’s hovering just below support and in spring position … potentially building energy for another leg higher.
Today is Fibonacci Day 12, from the July 20th, high.
UUP could still post a new daily low at the next session (to get to Day 13) if the spring set-up is viable.
The dollar and gold are still inversely correlated.
If UUP rallies from here, expect a corresponding decline in gold and the gold miners.
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