The DX_F is testing structural resistance at the 80 handle. A significant break of this area would create wave overlap that bolsters my opinion that w.2 may have ended. Any advance beyond 83.64, i.e. w.(B) would confirm that interpretation and set the stage for a significant rally to above 88.8.
At the daily chart level it is possible to make an argument that w.1 (red) had ended and that we should expect a w.2 (red) pullback before pushing higher. The fact that all three chart levels are OB as measured by cyclic momentum indicators bolsters a short term bearish view. If the current advance from 75.23 is not finished, one should note that the wave count is mature. On a short term basis, I'm still going to be looking for a completed wave count for w.1 (red) followed by a corrective move.
Let's see what develops.
Best of Trading
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