Double Trouble for the Dollar …

Silver Bullets
  • Is a Picture Really Worth a Thousand Words, or in This Case Dollars?
  • What is a Head & Shoulders Pattern and Why Should You Care?
February 7, 2013 1:47 pm est

One of the most tried-and-true chart patterns out there is the famous head and shoulders pattern. It shows when a top is forming. And when an asset closes below its “neckline,” it seals the asset’s fate in a downward trend. Well, when I looked at the daily chart of the dollar I saw one bearish head and shoulders pattern. But  then, when I zoomed out to the longer-term weekly chart, I saw an even larger one!  Doubly Bearish!

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