Friends,
DXY is looking good for a potential upside move. Break above the blue line is fundamentally important for this trade, as it consolidates the fact that the old resistance level may now become support.
1. We find a Gartley pattern
2. We discover the pattern lands on a long term sideways support line.
3. We discover we are in a long term broadening ascending wedge
4. We have the price correction land not only on the sideways support line, but also it lands on 38.2 percent retrace of the last impulse leg. A shallow correction such as this, usually shows the bulls eagerness to keep the upward move going with force. But we will see how this pans out over the next couple of days.
5. The stochastic has shown a strong oversold condition, Which for the DXY isn't common to see such oversold strength. (I use 12,3,3 settings on my stochastic)
DXY is looking good for a potential upside move. Break above the blue line is fundamentally important for this trade, as it consolidates the fact that the old resistance level may now become support.
1. We find a Gartley pattern
2. We discover the pattern lands on a long term sideways support line.
3. We discover we are in a long term broadening ascending wedge
4. We have the price correction land not only on the sideways support line, but also it lands on 38.2 percent retrace of the last impulse leg. A shallow correction such as this, usually shows the bulls eagerness to keep the upward move going with force. But we will see how this pans out over the next couple of days.
5. The stochastic has shown a strong oversold condition, Which for the DXY isn't common to see such oversold strength. (I use 12,3,3 settings on my stochastic)