The squiggle count suggests that a "third of a third" wave down is near.
On a monthly scale, the market is still overbought.
On a weekly scale:
USD. Stealth long term bullish pattern. Most of the pundits will
definitely be caught off guard with a dollar that refuses to "die"
despite the seemingly "fool-proof" case that it should collapse.
Its not the dollar that's worthless (yet).
Its bonds. Since we are a credit-based economy,
credit
must collapse first. And the mass selling of bonds will be conducted
in dollars, resulting in a great demand for cash (actual and digital).
Once the credit bubble bursts and bonds go bankrupt (as they must - the
math dictates it),
then we can talk about the worth of the dollar itself.
The 6 month yield also sports a potential long term turning bullish
pattern. Rising yields will wreak havoc on the extremely
over-leveraged (world) banking system and massive interest-rate
derivative market. Additionally house prices, credit card debt, student
loans - everything will become unserviceable fast.
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