Newmans.Analysis
Long

DXY - US Dollar Index - Long set up

TVC:DXY   US Dollar Currency Index
Price broke through a pretty strong descending trend line . I'm looking for a possible long position opportunity. Buying around the 94.20/94.30 area at the 38.2 retracement.

Let me know your thoughts on this setup. Thanks!
Hi. I also think so, but we have an alternative variant: - local up trend out of the triangle 95.20 (A) - 94.70 (B) - 95.00? (C) to the resistance 95.30, at the retracement AB - 123. Your variant have the pattern IP1 (23.6%-8.8%-50%) and it makes possible the targets to area 94.50, but I don't understad why do you make the retracement zone from right to left? The classical retracement build make off left onto right, but it your busines. Also US Dollar index futures have now a harmonical pattern "bearish shark 8/13" and the factor makes our theory more probable.
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