Last week the “Power of the Pattern” was reflecting the Dollar could be forming a bullish “Cup & Handle” pattern, with the handle yet to be completed (see post here)
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Below is an update to the pattern a week later, reflecting that the Dollar is attempting to break to the upside of handle resistance this morning–
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This pattern DOES NOT have a fantastic track record for predicting higher prices, yet if the Dollar does break above the handle and the top of the cup/double top, the Dollar would push MUCH HIGHER!
Should the Dollar breakout to the upside of this pattern, the resistance around the globe will become all the harder to break above!!! (see post here)
Hi Chris,
It is very much possible as S&P may come up with wholesale downgrade credit ratings of European banks and countries within 1 to 90 days.
Ty…The “Massive Risk last May” post reflects that the downtrends remain in place. Until the resistance is taken out GE2 remains on the table. GE2 would pick up speed if the top of the cup is broken!
Chris
Hi Chris,
Is “GE2” still on the table in your opinion should the markets not be satisfied with the outcome of the EuroZone Summit?
Ty