Some Entertainment

Picking exactly where the market will go is next to impossible, but every once and a while I like to take a stab at where we will go and in what time frame.

Ascending Triangle

The dollar is setting up an ascending triangle, this is a bullish chart pattern, but first we would need to see price come down and test the uptrend line. This could really be a text book setup; if we get a pullback to the uptrend line on down trending volume we could witness a big move in the dollar. Once we get a price break of the horizontal resistance two things should happen (1) volume will break the down trend and we will see a big volume day (2) price has a high probability of retracing back to the top if the pattern, then lifting. If this turns out to be true risk assets are going to be taken to the wood shed.