X is, once again, approaching resistance.  This base has been building for almost 15 years, so when it does finally go, it should give a nice long.  I've outlined the 'potential' waves that should form based on measured move and targets.  From a traditional technical analysis perspective we are looking to execute the outside return based on the concept of polarity.  In this case, the resistance that has held for 15 years'ish will now become support when price blows thru and comes back down to this former level.   Hence, the name "outside return." 

Additionally, I've outlined an area where this gameplan is wrong and it's time to stop out.  Note, that's a wide stop, but at the same time we have a target that's some distance away. I've calculated this opportunity at 5:1.  

When executing the 'outside return' this has been my experience:

• A LOT of the time, once a security breaks thru (up or down) a long term base of either support or resistance, it will come back one last time and "kiss it" for the outside return.  You can count on it ...
• However, sometimes, it's just too easy to 'run the...

On last Sunday's show we spent some time on Uber identifying the most recent high as a very important inflection point.  For those that are more risk adverse, a monthly closing below 80 would be the signal to short UBER.  Note the strength of the two candles coming into this high. Due to this, waiting for a signal reversal candle on a weekly or monthly basis is advisable.  Today's -4% down move puts probability in our favor that the pattern will hold, but you never know. It's all probability and just a pattern.

It's been a month since we last posted on the US Dollar.  Nothing has changed that much, which doesn't bode well for the USD bulls as this certainly looks like a 'dead cat bounce' off the .382 from the all time low on the USD.  That being said, we have a near 'perfect' BUY pattern a little lower.  Folks, this is the make or break level for the USD. Not only do we have a ton of confluence at this level, but we also have the RSI 'cliff of support' staring at us.  The RSI will respect bullish and bearish zones and, as you can see, it's been pretty accurate for the past 16-17 years.   In my humbled opinion, this is THE KEY level for the USD moving forward.