EUR/USD bullish cypher morphed into a bullish shark
I know it's not quite perfect with point B correcting slightly lower than it ideally would have(and the price briefly dipping below the 1.618 extension of the BC leg), but it's close enough to give me more confidence in addition to my bearish TA on DXY(pictures in the updates to my related cypher idea).
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Here's my first interactive chart of DXY. Nailed the tip top of the most recent bull trap:
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I know it doesn't hold much weight because it's so short-term, but i just noticed a very deep inverse head and shoulders on 5min
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A quick shot of what I'm seeing now... a longer-term inverse H&S with a target that lines up perfectly with the 1.618 fib extension based on the bullish shark. I'm expecting to see that in the short-term, and of course I'd be watching the marked fib extension for pullbacks on the way up if I was able to be day-trading it. Seeing the American stock market finally go bearish according to my charts today is a good sign to me that the short-term bullish shark was most likely the medium to long-term bottom for EUR/USD(and that DXY is likely to keep coming down along with it as I've been foreseeing).
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The inverse H&S from the screenshot above ended up disappearing due to too many TV windows open and I had to redraw it. I was a little more precise and came up with a different target a significant number of pips higher...
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At this point I'm thinking after falling back through the neckline(but onto a pretty obvious short-term support line) likely caught a lot of traders off guard and caused them to take the wrong position... similar to what DXY is doing except it's going up... once it breaks back out of the neckline, I expect the move to be more powerful than the first time it broke out.
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This is just hypothetical but if I was still in the trade and hadn't taken the all of my profits yet I'd do it now if the 1.5154 level fails to hold again. Then I'd watch the chart and see what happens at the lower levels if it indeed gets there. I suspect bitcoin might be about to limit it's upside a bit earlier than my short-term inverse H&S called for (it was very short-term and thus holds minimal weight on the price action).
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Now that I'm hypothetically out of the hypothetical trade, here's one more line I'd be watching closely for bullish momentum to continue again. DXY is getting near another short-term top, I suspect... currently just about exactly 1.153
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short-term bullish again...
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I'm not longer bullish even though DXY still looks bearish. Bearish divergence on 30 min. Bitcoin's turn!
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"A little bullish" again
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As it turns out, EUR/USD was at the bottom of a left shoulder(inverse) when I posted the private "a little bullish" chart above. Definitely still bullish at least up to about 1.1615
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Obviously the last inverse H&S pattern didn't play out... I see a little hope here though with some bullish divergence on the 1H and price being at a short-term 1.618 extension. The dollar can't keep going up in value forever, especially with the Money Supply M0 being what it is. That doesn't necessarily mean EUR/USD has to go up, of course. Crypto and precious metals...
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Another inverse head and shoulders with the same target as a shorter-term inverse H&S I pointed out in my updates from October 10th
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Fine... a double bottom instead...
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BTFD
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Cleaned up and zoomed out a bit
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The same cleaned up chart zoomed in. Nice bounce off the lower short-term support.
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The cleaned up chart somehow turned back into my old messy chart so I started fresh and came up with this.
Someday soon I intend to clean up my DXY chart and make an interactive version, but here's this short-term screenshot for now.