Consider the possibility that this is a very large ABC rally with the rise from 72 to 100 being wave 'a' and the sideways consolidation wave 'b'. The rise from 91.92 appears to be a three wave affair and might be the start of quite a long rising wedge for wave 'c'. Note that the action after blue 'W' can be interpreted 'a' followed by a triangle then 'c' up to 100 making all of wave 'A' (or W) of a larger ABC. If so the upside target becomes either 108 (c=0.618) or 120 (c=a).
ThierryHe
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If it is flat wave,c wave end point should be near the wave a starting point.
Gorbie
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@HeJiangHe, okay it's not a flat, there is zig-zag ABC
IvanLabrie
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What if i goes way higher than your target and makes a higher momentum high?
Gorbie
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@IvanLabrie, what if it will turning on the next week?
IvanLabrie
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@Gorbie, hehe, well, then the uptrend would fail. There's a longer term uptrend signal here for me, and fundamentals align with this view in my opinion. Good luck with the other side of the trade though. I've trailed stops, so if anything I'll make some money either way.
Cheers.
Gorbie
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@IvanLabrie, as you can see, the DXY towards down on yearly chart. Actually it's a part of the correction structure. Obviously, we should see a turn in the inflection zone. — Je vous souhaite bon chance!
IvanLabrie
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@Gorbie, yes, if that's the correct wave count, or if you believe in wave counts.
I see what you mean, I just don't think it's viable this time, but it's ok.
What do you think of AUDUSD?