There is a big bear flag forming and it should be breaking down soon. On the flag there is a clear rising wedge that is nearly complete. The RSI has indicated a 2 year monthly bearish divergence. Which has proved strong and should continue downward. Finding a bottom on the dollar we need to find zones of confluence. The FIB retrace of the first 5 waves up of the .618 area matches up the the length of the pole. If we do a FIB retrace from the wave 5 top to wave A bottom it nearly hits the .618 fib and pole projection too. This means the people that sold here will be looking to buy at the -.236. Shorting or staying out of here is the best bet until it hits the 84 range
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.