DOLLAR INDEX - BLOODY MARKETS AHEAD? | DESCENDING WEDGE/FRACTAL

  • Dollar Index has undergone a deep and extensive sell off since Q1 2020 when coronavirus spread throughout the world
  • After an insane amount of printing, the dollar has inflated and devalued tremendously
  • Technical analysis indicates that the DXY has oversold and is due a reversal and correction
  • Price action is acting very similarly to the last cycle of the DXY pumping then selling off into a descending wedge
  • Price seems to be breaking out of the descending wedge and is suggesting an explosion to the upside
  • Monthly and weekly stochastic is deeply oversold and crossing over indicating a reversal
  • Targets are the fibonacci zone as they are also key volume zones
  • First target will be the 38.2% fibonacci as this coincides with the 200WMA and is a key volume zone
  • Although the dollar has inflated and devalued so much, it is plausible for a significant retrace and pump up to occur whether short-term or long-term
  • As a consequence, all markets would be hit with selling pressure. Markets including stocks/shares, USD FX pairs, and especially crypto with the cryptocurrency market down a significant amount
  • Caution is deeply advised with respect to long positions in the mentioned markets above, as well as broader investment strategies
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