The bear market rally is coming to an and when the $ makes a turnaround. From my perspective this is very likely the area around 103 since 102.992 is the previous high from March 2020. From there we might see a rally up into the 120 - 125 area.
I added the Elliot Waves even though I don't trade them.
This move looks like picture perfect to me and therefore I think there is a high probability that this will happen.
a. Unmitigated order block (red box)
b. Bear flag/Wyckoff distribution (green ascending channel)
c. Measured move (white arrow)
ETA 27/28.10
290 pips
The Stoch RSI can be a very helpful indicator once you know how to use it.
1. Only use it when the price is in a trend.
2. There is no overbought in an uptrend and no oversold in a downtrend.
Anyway, as you can see on the chart, it's time for the USD to bounce back up.
I think we could go lower to fill the imbalance below this weekend (Target $21945). The next step could be to follow the bear market rally in stock market for some more days to enter the major imbalance zone above (Target $26735) and finally the capitulation we've all been waiting for.
Let's see how that plays out!
