Top chart is 3 month timeframe, falling wedge breakout, followed by a W pattern:
- Falling wedge breakout -- 0.5x measured target @ 131, and 1x target above 160, and closely lines up with the top of the wick from our previous ATH.
- A W pattern (or double bottom) has formed and broken out following the falling wedge breakout, it's 2x target is also 131.
Bottom chart is 3 day timeframe, zooming in on the W pattern, we see a:
- Parallel channel breakout - 2x target @ 133. Interim targets for 1x and 1.5x also shown on the chart.
We also see a golden cross of the 50 / 200 Monthly EMA on both timeframes here.
A really bullish DXY likely points to a bearish market ahead. See related idea comparing peaks and troughs b/w SPX and DXY.
- Falling wedge breakout -- 0.5x measured target @ 131, and 1x target above 160, and closely lines up with the top of the wick from our previous ATH.
- A W pattern (or double bottom) has formed and broken out following the falling wedge breakout, it's 2x target is also 131.
Bottom chart is 3 day timeframe, zooming in on the W pattern, we see a:
- Parallel channel breakout - 2x target @ 133. Interim targets for 1x and 1.5x also shown on the chart.
We also see a golden cross of the 50 / 200 Monthly EMA on both timeframes here.
A really bullish DXY likely points to a bearish market ahead. See related idea comparing peaks and troughs b/w SPX and DXY.
Comment:
Approaching the 3 day chart's TP 1 @ 118, presently achieved 113:
