SHORT TERM Bearish view on DXY
DXY Head & Shoulders Pattern on the Daily, retest and rejection of critical retracement zone. Details are on the chart.
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- Still in the uptrend channel
- It has touched the support line
- Being in the demand zone
- Touched the .782 Fibo retracement
- Wave 5 is finished
- Bullish Divergence
- Set to form Chyper pattern
-TP 1 at 95.70
-TP 2 at 96.50
Invalid if drops through 94.68 low
Cypher Pattern Rules:
- Point B is the Fibonacci retracement of point XA of 0.382 to 0.618
- Point C is an extension of XA of at least 1,272 or between 1,130 - 1,414
- Point D is the Fibonacci retracement of the XC point of 0.782
DXY has the potential to form a similar formation, with point B of 0.32 and point C a little longer at 1.667. DXY also managed to move...
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