here’s my updated chart of DXY, including the last one.  should be just a tad more downside and then a near-term and intermediate trend reversal in the dollar (from down to up) and the long-awaited stock market correction should begin.  from a risk/reward perspective, nothing has changed in weeks.  just because we have not had a significant correction yet does not mean that all the recent red flags and sell signals were false alarms.  these things often take many weeks to play out.  other than the wind to it’s back (momentum, which is also waning lately), the one positive that i can see for continued upside in equities would be if my $DXY/$USD scenario (below) and my USO primary scenario continue to both play out (dollar bounce begins soon, oil peaked out yesterday).  falling oil prices, especially if it is a sharp correction, could give stock prices one last thurst higher before a correction sets in.  best to continue to keep raising stops on longs and/or booking quick profits while scaling into selective shorts for hedges and/or possibly good entry points for a potential primary trend reversal soon.  i can still make a bullish or bearish case for equities here but from a pure risk/reward perspective, it seems that the next 10%+ move from current levels pretty strongly favors the downside vs. the upside.