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Re: USD Weekly/Lee *PIC*
In Response To: Re: long silver/Hal ()

Hi Lee,

USD Weekly chart closed at exactly 74 to end the week. Putting a ruler straight across the chart at 74 shows how important this support level is going back over the last 3 years. Note the RSI level and what has happened each time it has been there. The stochs are also at an extreme point that has usually preceded major corrections, or at least a bounce of some sort like last Fall. Also, the distance between price and the 65wma is nearing the extremes that have marked previous lows...in other words the rubber band has gotten seriously overstretched, so one must keep the inevitable snapback reaction in mind here.

The 2009 correction lasted 38 weeks before the low was made. The current downtrend has lasted 45 weeks, so she's definitely long in the tooth even for this perpetual bear of a market. Given that bearish sentiment is now at approximately 110%, lol, I think the next major move is up...that will certainly blow away a lot of traders/speculators across a whole host of markets when it happens.

Bottomline, If yer given the opportunity to get out Sunday night with little harm to your position, I would jump on it. Guess we'll see what happens soon enough...a very BIG week coming up IMHO with the Fed on deck.

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Re: USD Weekly/Lee *PIC*