OOOooops!!
I was wrong. The rule “buy at breakout only” slipped right by me this time. No, Technical Analysis is not to blame for MY mistake, only yours truly. Fact is I WAS right about the Dow Fiasco and I did say the S&P 500 was due to make a correction, then recover. Nobody has a monopoly on accuracy and I take full charge for the words I wrote in this page not so long ago.
But, now that there is a breakout, I can say truly that according to Technical Analysis the truly Mighty US Dollar is headed in a new upwards trend that should take it up at least 10% in the next few months or so. Time is hard to judge with Technical Analysis and we only have the time-frame of the broken-out triangle shown below to help us. This is the large, long-termed Monthly time-frame and its symmetric triangle pattern HAS been broken upwards, so be patient in investing on the FOREX Dollar Futures, it’ll get there in time with a target of 92.3 points on the DX Futures. There is no SURE THING!! but here there is about a 70% chance that I am right which is better than the 50-50 of tossing a coin.
This is the way the Chart looks:
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