US Dollar Index: A major head fake from Mr. Market?

US Dollar Index Daily: Was that a major head fake?  

3 December 2015/9:20 a.m. ET

A bunch of dollar bulls, euro bears, have been hammered so far today (time left of course).  Did we just see a major head fake from Mr. Market?  There were a lot of one-way bets...Is the price action also telling us Fed Chairman Yellen will disappoint in some way?  I guess we shouldn't try to get cute with that stuff and stick to our knitting which, in a sentence is this: Trade what the market gives us and don't try to forecast price action based on fundamental events.  

That said, I have shown an alternative setup in this chart showing the potential for a correction lower in the dollar, back toward 92.00 [about 7% which is big when calculated in pips]...

Comment