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DXY re-entered & retested 2008 Bull cycle channel. NEXT MOVES!
Dollar affects the direction of many asset classes like stocks,bonds, gold, commodities & emerging markets. That is why it is impt to understand its direction.
The BIG PICTURE: $ completed a running flat wave 4 & is now doing wave 5 of a bigger wave III. $ has been moving in 2 ranges…from 70 to 121 & the recent range from 89 to 103.
DXY was consistently rejected by the median of this bull channel from 2018 to 2020 before it finally crashed down to 89 & made a head & shoulder reversal there. The measured target was reached now at 97 resistance.
I believe we are now in the wave 5 of a bigger wave III that started with the 2008 bull cycle. Wave 5 may encounter big resistance somewhere between 103 (remember the smaller range) & 108 (the intersection of the channel median with the upper BIG RED downchannel since 1986. I believe this will be the end of the bigger wave III & wave IV correction will end somewhere between 90 & 93 & SHOULD NOT go lower than the height of wave at around 90.
Final wave V may finish somewhere around 121 (height of the bigger range).
Again, not trading advice but just to guide my trader friends here.
MAY THE MARKET BE WITH YOU ALWAYS my friends!
The BIG PICTURE: $ completed a running flat wave 4 & is now doing wave 5 of a bigger wave III. $ has been moving in 2 ranges…from 70 to 121 & the recent range from 89 to 103.
DXY was consistently rejected by the median of this bull channel from 2018 to 2020 before it finally crashed down to 89 & made a head & shoulder reversal there. The measured target was reached now at 97 resistance.
I believe we are now in the wave 5 of a bigger wave III that started with the 2008 bull cycle. Wave 5 may encounter big resistance somewhere between 103 (remember the smaller range) & 108 (the intersection of the channel median with the upper BIG RED downchannel since 1986. I believe this will be the end of the bigger wave III & wave IV correction will end somewhere between 90 & 93 & SHOULD NOT go lower than the height of wave at around 90.
Final wave V may finish somewhere around 121 (height of the bigger range).
Again, not trading advice but just to guide my trader friends here.
MAY THE MARKET BE WITH YOU ALWAYS my friends!
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