Just a quick update on the morphing triangle that we have discussed previously. As you can see on the chart below it all worked out according to plan. Most Technically Analysis were watching that thin dashed blue bottom rail of the original triangle and when UUP broke below it they turned bearish on the dollar. This was the fake out before the breakout. Once we got back above the blue dashed rail of the original triangle the top rail came into play that was the next objective to conquer. Note how clean the breakout and backtest was. That was about as pretty as it gets. Now the UUP – Dollar is in rally mode that will put pressure on just about everything else for the time being.
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