If the 1 day 50ma (in orange) is flipped to solidified resistance the h&s will be validated and the price will fall to the red target I posted here…it will likely also retest the 200ma not long after that.
Comment:
The blue horizontal is the neckline of the double bottom pattern. Losing this line as support and flipping it to resistance would likely confirms hat the dxy has yet once again made a lower high and is still in a bear market. For the strength of the dollar’s sake, it needs to maintain support on this blue horizontal.
Comment:
Personally I don’t think the DXY will be achieving a higher high.
Comment:
Dxy price action has pumped high enough to nullify the head and shoulders pattern….could still very easily become a double top though.