Strategically speaking, DXY is setting up for a big corrective action downward, and its just a matter of time.... According to Bearish Butterfly on daily inside trend channel...
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DXY is resisting to break the key resistance level, its important to watch the key action of DXY at 95.25-95.50 not able to move forward up, means, we have reached a key turning point...
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DXY is approaching the resistance line... If DXY break the resistance with full force, and there is a follow through in the rally, then I would say that this bearish trend will be broken.... So, lets not rush at the moment.... Stay on cash... Cash is King
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Wow , what a timing folks , perfect analysis and a perfect chart , DXY crashed right at the same resistance level that we had drawn ,,, perfect
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DXY is on track to make a deep correction....just as expected
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Just to update my initial comment, this is not a butterfly, but a Shark Pattern, its very important to understand the exact term , since, it produced sharp accurate results.
@geologist, Thank you for pinpointing, its not a butterfly pattern... Its a shark pattern.... you can read more on shark patterns in this https://linkhttps://admiralmarkets.com/analytics/traders-blog/harmonic-trading-patterns-from-scott-m-carney-explained-in-detail
Razor1Fish
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Isn't that amazing... Trading is that simple ... wait for the right set up, and enter on time....