UUP : US$ ETF
Short Term Play.
On a brink of a break down. Sell on break of support line at $21 for a downside target of $19.
Overview.
UUP has been on a slide since June 10. If you have been a Long Bear, you would have done good. Very Good !
But this setup is a short term play. Elliot wave count is Wave 5.
Wave 4 being a complex correction. Fullfilling Elliots rule of alternate reactive wave. Meaning to say, if Wave 2 is simple zig-zag, then Wave 4 is complex a-b-c-d-e, vise versa.
Word of Caution : UUP has been on a long maturing trend, stochastics on monthly chart is way oversold. There might be a possible trend reversal coming up.
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