The “Power of the Pattern” reflected that the U.S. Dollar had created a very bearish weekly pattern (Engulfing Bearish Pattern) in the chart below, first posted on 1/23 (see post here) In the past this pattern saw the U.S. Dollar fall a rather large percentage!
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The “Weekly Engulfing Bearish” pattern at (2), also took place at the top of the bearish rising wedge. The chart below reflects continued weakness in the U.S. Dollar, following that key bearish weekly pattern.
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The U.S. Dollar has declined around 5% after creating the bearish weekly pattern at (2).
Gold ETF (GLD) is up over 6% and Silver ETF (SLV) has increased over 14% since this engulfing bearish weekly pattern took place.
The Dollar peaked 5 weeks ago and now is nearing its rising support channel…which comes into play near the 77 level.
