Dollar Index// UPDATE
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DXY has finally completed the inverted H/S pattern and is now naturally finding resistance at the base. However as a result, a rising wedge pattern has also formed.
There are a myriad of outcomes that can happen. Price can break downwards as a result of the wedge OR we can find support at the lower TL, retest the base of the H/S then break above to likely test the highs from Nov 2.
Looking at the lower TF, I can see an extended W pattern which goes along with the premise of a test at the lower TL of the wedge...usually extended W's retest to top of the first leg and continues back on its original trend.
This lower level will be a strong infliction point and a good time to look for swing trades both ways.
It's still a bit early to say what will happen, however I have a long bias from a momentum POV unless there is a break of the wedge.
Let me hear your thoughts! Previous analysis linked!
There are a myriad of outcomes that can happen. Price can break downwards as a result of the wedge OR we can find support at the lower TL, retest the base of the H/S then break above to likely test the highs from Nov 2.
Looking at the lower TF, I can see an extended W pattern which goes along with the premise of a test at the lower TL of the wedge...usually extended W's retest to top of the first leg and continues back on its original trend.
This lower level will be a strong infliction point and a good time to look for swing trades both ways.
It's still a bit early to say what will happen, however I have a long bias from a momentum POV unless there is a break of the wedge.
Let me hear your thoughts! Previous analysis linked!
Ghi chú
Previous Analysis
Harmonic Butterfly 8H
Harmonic Shark 8H
ABCD 8H
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