$USD Chart, June 22
I’m not sure if this is a bear flag (chart 1) or an ascending triangle (chart 2). Will the dollar go up or down in the next month or so? Can’t really be the triangle because normally it’s a continuation pattern, that is if the dollar was going up before the triangle formed, then it would be a valid ascending triangle.
So I guess a bear flag – or a rising wedge – it is.
Regardless of the type (reversal or continuation), rising wedges are bearish.
$USD down = stock market up.
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[...] looked at this chart on June 22nd. I wasn’t sure if the pattern that was building was bullish or bearish. It didn’t [...]