AU formed the B leg of a flat at exactly 123.6% of the A-Wave, indicating that this is a Strong B wave flat. We have further confirmation based on the bearish engulfing on the RSI. If the C wave retraces 100% of wave B, we should expect to see AU at .714x
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Turns out it was a SUPER strong wave :D.
After further understanding of the dollar's sentiment change (DXY), it appears that there's a lot of profit taking on the dollar happening right now, while Emerging Markets will get a pump.
This sorta explains why the technicals didn't quite work out this trade.
After further understanding of the dollar's sentiment change (DXY), it appears that there's a lot of profit taking on the dollar happening right now, while Emerging Markets will get a pump.
This sorta explains why the technicals didn't quite work out this trade.
With the harmonic pattern in play, this trade is still valid.
When I see au break the 'kijun sun' support line of the ichimoku, I will get in short.