DXY in this enormous rally appears to be forming a shakeout reversal top here having gone slightly above previous highs but falling back sharply.
It has considerably overshot the 2.618 Fibonacci extension and I think that would be a likely area for a retracement before potentially continuing up this potential Cycle wave 5.
A sharp retracement here would likely be in tandem with a stock market bounce and FX pairs against the dolllar.
Not shorting.
Not advice.
It has considerably overshot the 2.618 Fibonacci extension and I think that would be a likely area for a retracement before potentially continuing up this potential Cycle wave 5.
A sharp retracement here would likely be in tandem with a stock market bounce and FX pairs against the dolllar.
Not shorting.
Not advice.
Comment:
If its not abundantly clear, this call is for a retracement top, not a long term top. DXY is in a wave 5 to go much higher.
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