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.
All the information and analysis provided on this website is general in nature and for educational purposes only and does not constitute financial advice. No content in any way implies a recommendation to buy, sell, hold or short sell any financial instrument, nor is it financial advice.
Investing and trading in financial markets carries considerable risk, and should always be done in consultation with a licensed financial adviser taking your personal circumstances, financial situation, objectives and needs into consideration.
Links to other websites are inserted for convenience only and do not constitute endorsement of any of the material on those sites, or any associated organisation, product or service. Kazim Agaoglu is not responsible for the content of any site owned by a third party that may be linked to this website and such links are provided as a courtesy with no judgment or warranty being made concerning the suitability, accuracy or otherwise of the content on any such site.
Kazim Agaoglu disclaims any undertakings, warranties or guarantees, express or implied and shall not be liable for any loss or damage whatsoever arising out of in connection with the use of or reliance upon any of the information on this website. The user accepts sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information on this website is no substitute for financial advice.