Right now my chart shows we are rangebound between the 200 day EMA and the 100 day EMA. We see a pull back to the .500 before moving to the .316 support on the Fibonacci. My rule of thumb is if we pull back to .316 then I’m looking to go to -1.316 and take profit there and buy the dip. If there is a pull back to the .500 then I’m looking to take profit at -1.500. Past experience has also shown me that once we cross the 100 day EMA we head straight for the 200. A break above the 200 with an open above that resistance makes for strong support. Looking at the EMAs we see a very wide separation before turning back to eventually cross again. This is a strong indication of a highly over sold condition. The dollar is being heavily held up artificially in this recessionary environment. Economists are saying we could reach double digit inflation early next year.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.