Dollar to weaken before it creates new high
Below we have a simple ABCD pattern forming - currently progressing B-C. The following are noteworthy;
1 - Weekly candlesticks are bearish moves, we can predict further bearish activity;
2 - MA's have crossed over bearish on both daily and weekly timeframes;
3 - A smaller ABCD pattern completes at leg C of overriding pattern; and
4 - point C (or D of smaller ABCD pattern) would work to fill out a gap in the market that still remains unfilled
Point C should serve as a floor for DXY to climb to a new HH
Let's see how this pans out! Would love any feedback ;)
Happy trading folks - G5B_FX
1 - Weekly candlesticks are bearish moves, we can predict further bearish activity;
2 - MA's have crossed over bearish on both daily and weekly timeframes;
3 - A smaller ABCD pattern completes at leg C of overriding pattern; and
4 - point C (or D of smaller ABCD pattern) would work to fill out a gap in the market that still remains unfilled
Point C should serve as a floor for DXY to climb to a new HH
Let's see how this pans out! Would love any feedback ;)
Happy trading folks - G5B_FX
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