I have been taking a look into dollar index and a strong push up is very likely next 2 weeks,
considering all the conditions of what happened:
1. Breakout of descending daily supply trendline (breakout candle - strong bullish, second post breakout candle strong bullish)
2. Trendline breakout retested (important factor: price stayed above the trendline after the retest - uptrending confirmed)
3. Classic pullback into Fib zone (50-61) and retest of last month roof R4 (March breakout level).
4. Demark breakout slingshot projection gives target near April R4 confirming the breakout and April camarilla levels. Also, April resistance CAMR3 coincides with 78 fib level.
In the Fib zone we do have untested missed monthly pivot - the question is if price is gonna test it? But then again - missed pivots mark the starts of strong trends.
At any case, push back under the trendline does not make much sense.
considering all the conditions of what happened:
1. Breakout of descending daily supply trendline (breakout candle - strong bullish, second post breakout candle strong bullish)
2. Trendline breakout retested (important factor: price stayed above the trendline after the retest - uptrending confirmed)
3. Classic pullback into Fib zone (50-61) and retest of last month roof R4 (March breakout level).
4. Demark breakout slingshot projection gives target near April R4 confirming the breakout and April camarilla levels. Also, April resistance CAMR3 coincides with 78 fib level.
In the Fib zone we do have untested missed monthly pivot - the question is if price is gonna test it? But then again - missed pivots mark the starts of strong trends.
At any case, push back under the trendline does not make much sense.