Long term chart from 1985 USD peak to current situation. I believe this instrument is completing a large wave 4 and setting up for a wave 5 down. The Fib ratios and levels work out pretty well in the wave 4 with the 4.618 (of smaller 3 to 4 extension) right where it reversed this week. Used UUP put contracts to enter the short on 7/14/22 with UUP at 29.03
Note
lows are broken now so we should see the invalidation line as next pause and bounce. long term still weak and the call for downtrend is intact. many were calling for spx crash and dxy rally at the end of 2024. not so much...
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.