Good Day traders !!! ON the DXY we have a very strong impulse move happening and we need to see some sort of correction !! On the monthly timeframe we have an overextended "M" formation and we just tested the Neckline which is in confluence with the 0.618 FIB level taken on the previous leg. Down to the weekly timeframe we have a bearish situation as well since we have an overextended "W" formation and we want to see this impulse followed by a correction at least to the 0.382 FIB level which is exactly at the neckline of this W formation. We have the same scenario on the daily timeframe another "W" formation and we want to see a correction to complete the pattern.
From an institutional perspective we can see that the $ index we went from -6000 Net position back in December to -14000 Net position which explains that in the long term this was just a correction and we should expect the price to drop very soon.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset.
Trade safe !!!
From an institutional perspective we can see that the $ index we went from -6000 Net position back in December to -14000 Net position which explains that in the long term this was just a correction and we should expect the price to drop very soon.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset.
Trade safe !!!
