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In previous posts we showed the similarities in price movement by the Dollar index now relative to the price action from August of 2018. So far the Dollar index follows the path from the 2018 lows around 89-90.
Red lines - similar decline expected
Yellow rectangles- RSI tops, price tops, price falls
As one can see when comparing the two periods, we are still very similar and price is now expected to pull back as it did back in 2018. The last 4 weekly candlesticks have long upper tails. Price is moving higher but bulls can not sustain it at those levels. The weekly candlesticks show me that a reversal is imminent for the next few weeks. Bulls need to be cautious.
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