DXY Double Top with neckline break confirmation

Jun 19, 2016

DXY has confirmed a double top, and a neckline break. However, it's hesitant to fall just yet. We can see starting from the right top, prices started a 5 wave pattern, and is now in the correction phase. We're looking for B here, which might be right at the same higher low we previously posted at 93.41. This would create a double bottom, and send price up to the measured move at C. That is also the 61.8% retracement from the top of the double top to the neckline. From there, we should see a move down into 86.64 to complete the double top.

Jun 19, 2016

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If a pin bar is posted here at the arrow, then that should be the signal to go long with stops below the low. This is a "low, lower low, higher high, lower high" reversal setup.

Jun 19, 2016

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Jun 20, 2016

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This looks like a decent pin bar trigger.

Jun 21, 2016

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Price respected the level and started the rally up.

Jul 24, 2016

Trade active

Price hit the C target

Aug 17, 2016

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Idea worked out pretty nicely. Retest of 95 to get in short again.

Oct 7, 2016

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Top trendline adjusted. this is where we go down for the DXY