Everything is Bullish as the USD bull sentiment fades. The FOMC failed to impress anyone with their useless comments. Here is a break down of the price action signals for each market:
USD Index
The USD bounced right back up to its 62.8% fib retracement and started it's long road down. Next stop, it's fib extension at about 87-89 as seen below.
DOW US 30
The down retraced it's daily rise to its 50% fib and will continue its rise to the 19000 level, which is a fibonacci extension if the last few month's rise. I may short markets with UVXY or options next week if we can get to this level. Also, take into consideration famous trader Jadeja's warning of a potential market event August 26th. The timing would be perfect for a reversal if we are touching a Fibonacci level on this day.
Gold
Gold is fighting its way up and then getting knocked down every few hours, as it touches the 5 year bearish trend line. All the day traders are selling at this point. If it can get broken through to 1400, expect to see 1550 within a month or two as all the day traders cover and go long.
Crude
Same analysis as the other day. But today, notice the candlestick rejecting lower prices off support.
Go long anything but the dollar tomorrow! I'll be picking up more silver stock shares and maybe UWTI. Again, my analysis could change over night based on news or price action. Trade at your own risk.
Enjoy
-JT