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Registered User
Joined: 3/4/2005
Posts: 1
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I am looking at the U.S. dollar index, DXY0 monthly from l992 to 2007. Is that a head an shoulders pattern or is the one shoulder not formed right?
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Registered User
Joined: 5/15/2007
Posts: 18
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I see a head and shoulders top since dec 06(ls) head in Jan and right shoulder in march. However once price closed below the jan 3 candle in early april it hasn't closed above it since. In the short term I'd look for it to close above 83.17. In the long term It looks to be in a long term slow down trend to me when I look at daily, weekly, monthly's What do the rest of you think?
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Registered User
Joined: 4/18/2005
Posts: 4,090
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It is in a down trend.. I don't fiddle much with heads and shoulders unless they are clear... you whouldn't have to squint at them to see them. Also I havent found them to be as reliable lately.. the inverse ones maybee.
Check out a 3 day chart with a linerar regression at 100,15,25.
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 Gold Customer
Joined: 11/13/2004
Posts: 102
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Using Zoom 5 weekly chart, DXY0 appears to be in a bullish descending wedge that began about Oct 13, 2006. Target, if it returns to its 10/13/2006 origin, is 87 roughly. Could take a month or more. But a price move below 8/6/2007 low, 79.96, would imply it's more likely to drop further. I wish I knew how to show a chart so I could show the Elliott Wave counts.
soc
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