Is This Finally a Top in the dollar? Was my call from 20 days ago correct?
Almost three weeks ago I did a post showing that a top in the dollar index may be at hand. The price bumped up against 104 and turned back. Since then it spent a week above 104, but now it's come down pretty hard from 105 to now under 103 in just the past few days. A very solid bearish engulfing patter is finally showing up on the weekly chart.
As laid out in my previous article the DXY is a pretty significant chart to watch, as most assets get a boost in valuation as the dollar falls. Will this mean a rally in stocks, cryptos, and commodities will follow? Odds say that it will. A rally that I will be selling into as I suspect there are still too many bulls in the markets and they need to get wiped out, just how things work. Lets not forget that sitting in cash waiting for opportunity is a position.
Here is the daily chart from a couple weeks ago that had me suspecting we were near a top, like usual, I was early but today's price action is very much confirming what I thought to be true.
What say you? Do we turn back higher and put more downward pressure on the outside markets, or is this the beginning of a sustained relief rally. Would love to know what you think, especially since Blurt is full of many highly intelligent people.
Hope you are all having a great day, and for some lighter material I also posted some photos from my trip to Prague Czech Republic today. One of the most beautiful cities in the world. Hope you all are well and having a great day! From beautiful Thailand, -Dan "World Travel Pro!"
https://blurt.blog/blurt/@world-travel-pro/prague-a-living-museum
Your post was upvoted and resteemed on @crypto.defrag
Look at all that durian my mouth waters. Love that t shirt!