It is pretty clear from the chart the US Dollar is going to have problems breaking the 8/1 Gann ratio and the 0.618 Fib.
The 0.618 Fib has been the most important level for the dollar for the last 30 years , 101 seems like an impossible task to close above with only doing it once in its history in 1999 , by 2003 we feel under and have failed every rally to get above it.
It's literally been 22 years since the dollar has closed a monthly candle above the 0.618 , showing incredible weakness. In January 2017 we had our first attempt since 1999 and failed.
Now the US dollar is facing the 8/1 Gann ratio and breaking that is not going to be easy. As you can see two amazing reactions of this Gann Fans literally catching the top wick in January 2017 and March 2020. Amazing reaction so far , from my experience with Gann Fans a double rejection of the 8/1 Gann is extremely bearish. If it had any real strength it should have broken it by second attempt.
I have also set a Fib time sequence using the impulse wave from 1999 down to 2003 and as you can see we get an interesting timeline of events, not amazing reactions but pretty decent. The next date is April 2024, Could be the year the next rejection of the 8/1 Gann Fan?
With massive bearish divergence on the Dow Jones something big is coming take a look below at the 6month chart on the RSI
Massive bearish divergence it's there and its building up with a possible conclusion July 2024 ,I cover this in my TA below
So will the Dollar be rejected at the 8/1 Gann Mid 2024 for the third time? If so, expect a move down to 82 dollars.
The 0.618 Fib has been the most important level for the dollar for the last 30 years , 101 seems like an impossible task to close above with only doing it once in its history in 1999 , by 2003 we feel under and have failed every rally to get above it.
It's literally been 22 years since the dollar has closed a monthly candle above the 0.618 , showing incredible weakness. In January 2017 we had our first attempt since 1999 and failed.
Now the US dollar is facing the 8/1 Gann ratio and breaking that is not going to be easy. As you can see two amazing reactions of this Gann Fans literally catching the top wick in January 2017 and March 2020. Amazing reaction so far , from my experience with Gann Fans a double rejection of the 8/1 Gann is extremely bearish. If it had any real strength it should have broken it by second attempt.
I have also set a Fib time sequence using the impulse wave from 1999 down to 2003 and as you can see we get an interesting timeline of events, not amazing reactions but pretty decent. The next date is April 2024, Could be the year the next rejection of the 8/1 Gann Fan?
With massive bearish divergence on the Dow Jones something big is coming take a look below at the 6month chart on the RSI
So will the Dollar be rejected at the 8/1 Gann Mid 2024 for the third time? If so, expect a move down to 82 dollars.
