Projected near term target for the US Dollar: DXY
17 days ago I suggested the DXY was about to fall (see link below). 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.
3 different projection methods suggest a near term target of around 89-90. This is the bottom of the potential new channel. It is where c=1.62 X a. There is a projection method also from the negative reversal that is also often accurate (arrows) that gives this level.
Notice yesterdays drop stopped at the 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 living and trading.
3 different projection methods suggest a near term target of around 89-90. This is the bottom of the potential new channel. It is where c=1.62 X a. There is a projection method also from the negative reversal that is also often accurate (arrows) that gives this level.
Notice yesterdays drop stopped at the 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 living and trading.
