Last time we looked at DXY on the 4 hour using supports and measured moves, it played out perfectly. Let's see if DXY will do so again.
The measured move target coincides with a historic support. It also matches an Elliot Corrective Wave pattern, and has multiple double support levels which if broken will increase volatility to the downside and provide further confirmation on direction.
The double support levels may hold and invalidate the larger corrective wave I have drawn.
The measured move target coincides with a historic support. It also matches an Elliot Corrective Wave pattern, and has multiple double support levels which if broken will increase volatility to the downside and provide further confirmation on direction.
The double support levels may hold and invalidate the larger corrective wave I have drawn.
Comment:
Look at the rejection from the two double supports which failed to hold. Just as anticipated!
Comment:
Double support level is holding for now, but if you look at how it moved last time, we had a similar fake out. I wouldn't be surprised if this is just a fake out from the market taking a breath.
