DXY The 1 year Pitchfork approach points to a correction

A popular yet often overlooked technical took is the Pitchfork. On this analysis I have applied it on the U.S. Dollar Index (DXY) on the 1D time-frame. The dotted line is the median, with the dashed being the 0.5 Fib and the black straight being the 0.75 Fib. As you see the latter two are used as Support (on the lower) and Resistance (on the upper) levels respectively.

Right now the price got rejected on the upper 0.75 Resistance Fib. Last time, on March 07, that caused a pull-back and 1 month consolidation. Basically the whole price action since December 2021, resembles the sequence of July - November 2021. Even the RSI fractals are similar. If we continue to repeat this, then the index is bound for a correction back to the lower Support 0.75 Fib. Short-term Support on the 1D MA50 (blue trend-line).


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