View: DXY projected target.png
DXY projected target.png
2 weeks ago I suggested the DXY was about to fall (see previous post). I thought at that time the point".b" would stop at a 50% retracement but it continued to about a .62 correction before falling. Notice that the RSI formed a negative reversal followed by a bearish divergence: a combo that often leads to a decline.
Different projection methods suggest a near term target of around 89-90.
Notice yesterdays drop stopped at the potential mid- channel line. I would not be surprised to see a small bounce or hesitiation at this level before further decline.
Take care. Have a great week.