DXY - Turning Bearish Short Term
After this long rally up to round number 100 DXY is having a pull back.
Bearish RSI divergence - now the question is what kind of pull back will it be.
A bullish retracement would be 0.382 and there is support in that area @ 97.5
It appears that there may be a bullish ramp 1-2, i-ii in the making with the minor wave completing 5 waves at the top and this could now be a C wave of retracement back to 0.382 area.
It is of course not the only retracement and looking at the opposite perspective this could also be a Wyckoff UT top or perhaps a deeper correction to get back to the long term 1.618 fib @ 96.5 which could still see the uptrend continue.
Not advice.
Bearish RSI divergence - now the question is what kind of pull back will it be.
A bullish retracement would be 0.382 and there is support in that area @ 97.5
It appears that there may be a bullish ramp 1-2, i-ii in the making with the minor wave completing 5 waves at the top and this could now be a C wave of retracement back to 0.382 area.
It is of course not the only retracement and looking at the opposite perspective this could also be a Wyckoff UT top or perhaps a deeper correction to get back to the long term 1.618 fib @ 96.5 which could still see the uptrend continue.
Not advice.
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Many Trade Ideas Every Day 📈
Regular videos ✨.
Telegram Group: $50 per month 👍🏻.
Contact: t.me/dRends35
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