On December 1st, I posted a tweet on X when the Dollar Index violated the Lower Warning Line (solid gold line) of the Schiff Modified Pitchfork (gold P1-P3) saying “Good Night Greenback”. The follow-through to the downside has been nothing less than a disaster for the remaining bulls (if any). “Tip of the Hat” to my friend Michael Shaoul, now a portfolio Manager of ION Management, who today shared one of his technical tell-tales which is posted on the above chart. When the 50-Moving Average (blue line) is unable to advance above and peels away from the longer-term 200-Day Moving Average (green line) it confirms that the down trend is still in gear. In the short-term I would expect that a counter trend rally will develop but all the technical evidence including today’s violation of Cloud support suggests this is only the opening act in the play “The Demise of the USD.”