I Still have the DXY in the expanded Flat with a top in at $107 which happens to be the fib retracement 50% level of the 5 down wave A.
I expect the momentum indicators to begin to slowly roll over. RSI, Stochastic RSI , OBV , MACD should all confirm the last leg of the down trend wave C which I expect to finish around $94.
At $94 the DXY should complete a very HTF wave 4 and then kick off what is shaping up to be one ugly recession. W5 targets for DXY run over $130 and I don't think much will survive this risk off trade set up.
This is likely what many analysts are referring to as the "Blow off Top" to which I find myself reluctantly agreeing with since all my charts keep leading me down this rabbit hole. ;)
I expect the momentum indicators to begin to slowly roll over. RSI, Stochastic RSI , OBV , MACD should all confirm the last leg of the down trend wave C which I expect to finish around $94.
At $94 the DXY should complete a very HTF wave 4 and then kick off what is shaping up to be one ugly recession. W5 targets for DXY run over $130 and I don't think much will survive this risk off trade set up.
This is likely what many analysts are referring to as the "Blow off Top" to which I find myself reluctantly agreeing with since all my charts keep leading me down this rabbit hole. ;)
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