We have been talking about the chart of the Dollar Index for several weeks in our Flight Path newsletter. Since originally seeing the bullish divergence between the GoNoGo Oscillator and price, we saw price break out to the upside of the downward sloping NoGo channel, and the GoNoGo Oscillator break above and find support at zero. Finally, we saw the GoNoGo Trend rotate through its colors from the bearish NoGo, to amber, and then the blue “Go” colors. This week, we have seen that strengthen to the strongest blue of a “Go” trend.
Remember though, the larger time frame trend is still a NoGo, and so our target for this new “Go” trend should be fairly close, at prior levels of market activity.
By
Alex Cole
