Taking a closer look at the , you can see that the 20 (in blue) is beginning to cross through it, and price has already found it to be resistive. Therefore, the 20 could be the technical catalyst that causes the to break to the downside. From here, we need to watch the performance of UUP at the 20 , and wait for a break to the downside. There is some support around 23.14, but below there, UUP could accelerate to the 78.6% retrace, or even lower. There's actually a gap fill at 22.04, and the downside projection of the (black dashes) takes UUP directly to that level. With that said, if we do see a substantial breakdown of the dollar, the 22 handle would be my target. There is a small on the , but given plethora of patterns, it's fair to say that they trump the divergence.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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