It seems that DXY has been acting within this price range for some time and I have seen it as a more complex pattern. This is the fist time I have posted a WXY formation so any guidance or pointers on these is appreciated, as with all trading knowledge. I anticipate price to continue upwards and finish around the trendline. If that is the end of the correction, then the downtrend can resume. If that is incorrect and the correction is becoming more complex, then you may experience a short lived breakout of the trendline. Nice short opportunity to buy, but be wary of the downtrend resuming. Thanks.
The upwards move did not go as far as expected, still, I would not have traded the upside.
I would've waited for the downwards move to resume. A corrective pattern may be forming on the trendline to indicate further possible downside.
EamesAnalysis
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The upside break of the trendline and quick pullback would have removed any room for downside.
I would've waited for the downwards move to resume. A corrective pattern may be forming on the trendline to indicate further possible downside.