Multi-Year Ascending Scallop on DXY

5 de dez. de 2022

During the DXY run-up this past year, I noticed repeated ascending scallop patterns that were continually validated by breakouts. These were often on the 5 to 15 min timeframe, but If you look at the ascent even on the hourly chart, you'll notice the pattern reveals itself repeatedly. If you're a believer in using fractals in your trading strategy, you won't be surprised to see that a clear ascending scallop appears to be developing on the longer time frame. I was initially looking for this pullback to find support at former resistance, but it has possibly regained its support from 2018-20. Given the repeated validations on shorter time frames, I'm looking for a break out above the Sept high (114.778) in early 2023 - if not sooner.