The price tagged the bottom of the range. We might break marginally below the August low but the rally can start any day now. Maximum 2-3 days we have in this decline.
Important news next week:
Draghi talks on Monday , NFP on Friday. Who knows which will trigger the dollar rally?
Draghi wants to weaken the Euro so on Monday he will talk against it. If the NFP brings a good number in hope of the summer rate hike the dollar will start to rally.
Important thing: if we make a false breakout now and break below the August low - last intermediate cycle low -
I'm 100% sure that we can forget about the 100+ dollar prices here. The FED like every other central banks is printing the money like crazy and even if they not telling to us the chart is showing.
So if we break below the August high then we not going to tag the upper line of this range in the next rally so the dollar will start its decline from around 98 in a new arket in the following years.
Indicators supporting us here also.
When the dollar starts to rally will affect gold heavily. It wil be the time for gold to move down into its intermediate cycle low in the following 1-2 months.
So the idea: is going long, or holding longs here for 1-2 months. And if we break below the August low on Monday or Tuesday we have to get prepared that price is not going up to 100 only 97-98...
( But I will not stop the position if we break below the August low.)
We are very close to the correction.
Maybe 1 or 2 days...