XME: Bearish Wolfe Wave

XME is a proxy for the inverse US dollar and a case can be made that the recent high is the top, based on the Wolfe Wave formation. Target is 46-ish.

Has the dollar bottomed?

UUP has made a higher high and may be forming a higher low now. This is not a "crowded trade" since nobody is convinced the dollar is in bull mode... reference Tim Seymour on Fast Money (see Eric's post for the video.)

The dollar is still oversold and unpopular and yet is exhibiting some bottoming characteristics as per the Mamis model (below.)