The PowerShares DB US Dollar Index Bullish (NYSEARCA:UUP) has a clear head and shoulders pattern on the daily chart. Head and shoulders patterns are bearish in nature and usually mean more downside for that particular chart. This pattern has triggered on the UUP which is the Dollar tracking ETF. Note the chart below. Because the Dollar trades inverse to the markets, the markets could see a little more upside in the coming days. This would be prior to the next fall that is on the horizon.
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Comments
depends if the dollar gets supported in this uptrend
This is a big formation. I guess this could relate to resistance overhead Euro at the moment
21.40 is support