Usually wouldn't even waste my time on a chart this ugly, but it was a toss up between posting the failed breakout of $DXY
vs a legitimate contrarian play if you like buying at the very bottom. If the drawings look a little too extra - they're not. I've seen this pattern on a regular basis when I was either too quick on a jump to short (but ripped my hair out because price was range bound) or too quick to try & make a quick profit from the bottom up (but ripped my hair out because it wasn't time for a breakout). Without making it complex - it's patterns lime these that I made gave their own category for just because it was a predictable (breakout) move just by the bar count. The biggest problem with catching a bottom like this - if you're like me, is the possibility a breakout that only produces a small profit, & price just moves up to a (slightly higher) range bound for a bit. Time decay weighs on your patience & you get out to find a MOMO trade (guilty). Fib re-trace is based off a 223% price target, but seeing as price is below trend without moving averages confirming the downtrend - best bet is for a 141%-161% test of highs to prevent a break of the 180 weighted (blue). Pattern category is "110 breakout" - whereas candle after break of support from a gap down is #1, & the #110 candle (whether bottom or top of price range) is your entry. The 3 yellow lines indicate other potential entires (55, 75, 110 tend to be points of interest) if you're tryna get long. Fair warning - trustworthy pattern to me more-so on intraday charts to get a better sense of support, but like I said, a real contrarian play to say the least. More than happy to leave a few examples since to give a better perspective.
Ex. 1 -
Ex. 2 https://www.tradingview.com/chart/wCCVOI...