Uncle Buck’s Bottoming Pattern

From NFTRH 469:

The US dollar index is pivotal to so many other markets. The bounce has taken what could be viewed as an ‘A’ leg up with a ‘B’ in progress now, looking for support at the 50 day moving average. If that holds we would have a bottoming pattern that could provide the burst to the target around the SMA 200. The theoretical pattern measures to 97, so there is confluence between that and the SMA 200.

Here is the USD fund UUP, which I own a boat load of. In holding the SMA 50 on ‘B’ leg down it looks like it could be forming the pattern as speculated upon. The target continues to be the SMA 200, which in USD’s case is currently 97.26 (25.16 for UUP).

uup

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