UUP.NYSE Daily Chart Analysis 29/01/2016.

UUP.NYSE is a good representative of the USD. What the USD does is important specially for a commodity based market like ours. Inverse correlation between the USD and the commodities are a well known factor.

I have taken a short term look at the UUP.NYSE with this daily chart. At the current US Session UUP.NYSE may have completed the PHASE C of a DISTRIBUTION PATTERN in Wyckoff Method of Analysis. Should this  real time analysis has a follow through and we have a confirmed PHASE D and E there after (over the coming days/weeks), it may be reasonable to expect a floor under the falling commodity prices going forward.

I am a firm believer of a major commodity bull run, which may still take minimum of several months to unfold. 2017 may well be the beginning of the next commodity bull run and that of the next anticipated major bull run with XAO. Food for thought may be. But for now, we deal with the current correction which we have been in since April 2015.

uup

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