DXY - Could pump could coincide with market reset for a while
Updated
I'm not someone that believes that when the markets pump the dxy has to dump and vice versa. However, it is undeniable and pretty logical that there is some correllation.
In this case the markets have been extremely bullish for a year straight with no significant pullbacks, and the dxy incredibly bearish with only one minor retracement. It is now at a key level that we called last time as the level that gave us the bullish run, so you should't be surprised if we get a bounce here. The markets are also extended and seem like they are slowing down, this might mean a few weeks of bearish moves in the markets and bullish moves on the dxy.
Regardless we are bullish for 2024 as a whole until there is a further indication, just be wary of the next few weeks and this critical level that we are at today.
Safe trading!
In this case the markets have been extremely bullish for a year straight with no significant pullbacks, and the dxy incredibly bearish with only one minor retracement. It is now at a key level that we called last time as the level that gave us the bullish run, so you should't be surprised if we get a bounce here. The markets are also extended and seem like they are slowing down, this might mean a few weeks of bearish moves in the markets and bullish moves on the dxy.
Regardless we are bullish for 2024 as a whole until there is a further indication, just be wary of the next few weeks and this critical level that we are at today.
Safe trading!
Note
As we warned. DXY pumping, SPX, NDX and the DOW all dumping hard. Unfortunately crypto also and we didn't see this one coming.Note
We broke through the Inverse H&S yesterday night. Let's see how the followthrough goes.Note
Strong bullish run as expected, however it's starting to look a bit toppy. If you were bullish you'd like to see some followthrough next week.Note
104.9 level was perfect.
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