The following prediction for the US DOLLAR CURRENCY INDEX is not based on the election results per se. In fact, what I want to show here is that the chart has already determined which direction it will go regardless of outside interference. I expect the election results to act as a catalyst towards the targets defined and not the other way around.
Hope you have a great trading week!
Best, Chartistry
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DXY made a resilient move to the upside. As if the move to the downside was meant to shake weak hands. As mentioned yesterday, the market has already decided which direction it wants to go, regardless of outside interference.
100.50 remains the highest probability target.
Best, Chartistry
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UPDATE: 1st and 2nd targets hit.
3rd Target still remains a probability.
Best, Chartistry
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Update: All 3 targets hit. Expect a strong bearish presence from this level.
Great call, Chartistry. Curious to learn how the targets were defined as the chart doesn't show anything but the three straight lines. Would appreciate if you could share the rationale behind.
GWaves
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Hello @VirtualFax, thank you. I use a proprietary model to define the strength and direction of a trend. The model also helps produce quantitative targets. The contents of the model are not open to the public.