Major Update: Falling Wedge Breakout
ที่อัปเดต:
Markets (stock, crypto, forex, precious metals) may be in big trouble if the weekly close tomorrow remains above this wedge, and we head north of the two targets posted above.
DXY has broken above a falling wedge after testing the top of monthly support.
On its attempt to test monthly support, over two weekly candles, both closed above it and wicks failed to move below it. It reacted strongly to this making a move back above weekly support, which also served as a successful re-test for the center of a larger W or double-bottom pattern targeting the same areas (112-118 approximately):
If you've followed my previous posts about DXY, I believe it is on a long path back towards its ATH. This is due to another falling wedge that can be seen when zooming out to its full-history; as shown below on the 2 week timeframe:
Even with a conservative measurement it exceeds its ATH from early 1985. If this gets and holds above the bright red box, market(s) troubles may be around the corner.
A previous post about this update can be found here:
For an example of how markets react to movements in DXY, typically with macro negative correlation, see this example from Bitcoin vs. DXY:
Additional related ideas including the two above are also linked below under the Related Ideas section.
Thank you for reading, I'd love to hear your thoughts on what might be positively correlated with this movement, should it occur, or why I may be wrong about any of this.
-dudebruh
DXY has broken above a falling wedge after testing the top of monthly support. On its attempt to test monthly support, over two weekly candles, both closed above it and wicks failed to move below it. It reacted strongly to this making a move back above weekly support, which also served as a successful re-test for the center of a larger W or double-bottom pattern targeting the same areas (112-118 approximately):
If you've followed my previous posts about DXY, I believe it is on a long path back towards its ATH. This is due to another falling wedge that can be seen when zooming out to its full-history; as shown below on the 2 week timeframe:
Even with a conservative measurement it exceeds its ATH from early 1985. If this gets and holds above the bright red box, market(s) troubles may be around the corner.
A previous post about this update can be found here:
For an example of how markets react to movements in DXY, typically with macro negative correlation, see this example from Bitcoin vs. DXY:
Additional related ideas including the two above are also linked below under the Related Ideas section.
Thank you for reading, I'd love to hear your thoughts on what might be positively correlated with this movement, should it occur, or why I may be wrong about any of this.
-dudebruh
บันทึกช่วยจำ
Re-test happening now, would be great if weekly closes below the line and this fails:บันทึกช่วยจำ
Re-test was successful, the next weekly candle will open above the wedge and may head towards targets over the next weeks and months:การซื้อขายยังคงดำเนินอยู่
Moving up:การซื้อขายยังคงดำเนินอยู่
Where we are in terms of stock/crypto/forex/precious metal market relation - indecision, above the bright red box is my area of concern, above 112-114 is what we don't want to see:การซื้อขายยังคงดำเนินอยู่
We've continued up since rejecting the area above monthly support and breaking out of the daily falling wedge. This red line on the chart may act as a resistance to continuation towards targets:การซื้อขายยังคงดำเนินอยู่
Broke out of the daily trendline from my previous update above:การซื้อขายยังคงดำเนินอยู่
Broke an area of resistance and got above 106 as of todayการซื้อขายยังคงดำเนินอยู่
Broke above a rising wedge on the 4h when it moved above resistance @ 106, but then fell back into the wedge and is sitting below wedge top now. Next opening may begin a move back down to 102, we'll see:การซื้อขายยังคงดำเนินอยู่
Strong move back above the wedge today on the 4h chart. Daily chart looks more like a wedge top re-test. Imagine we're going to see 107.5 at least and possibly 109+:การซื้อขายยังคงดำเนินอยู่
Update - DXY began moving down after an extended rally following its breakout. Really hoping for a re-test of the 101-102 area, possibly even another attempt at monthly support around 98-99ish. Hoping for that because I feel it would possibly allow recoveries in stock and crypto markets to continue towards previous ATHs until this turns back up:
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