US Dollar: LONG and SHORT term view. Down soon?
Please seen my posting from February 2018 (see link below). My guess at that time turned out to be pretty accurate. So here is my f/u and best guess as to what is to come.
New followers please see note below.*
The US Dollar has been in a long term downtrend. The action from 1987 to now is a roller coaster type action. To me it looks like a sequence of of a-b-c movements which is what EWT says happens in sideways consolidations like a triangle which I think is likely given the pattern so far. IFF correct we still have a ways to go on the intermediate term down to "D".
On the Daily chart I think the pattern suggests we are likely about to have a fall soon. Supporting this is my current EWT count, a negative reversal in the daily RSI , and the current price at what appears to me on the weekly chart to be a horizontal support resistance level .
* Note: I although I use EWT to try to anticipate what will happen next I now never trade on EWT . "Anticipate but wait" Wait for price action to support you may be right and give you a reasonable stop to get out when your are wrong. I personally use channels, candlestick patterns, trend lines , Fibonacci relationships and traditional bullish and bearish patterns.
New followers please see note below.*
The US Dollar has been in a long term downtrend. The action from 1987 to now is a roller coaster type action. To me it looks like a sequence of of a-b-c movements which is what EWT says happens in sideways consolidations like a triangle which I think is likely given the pattern so far. IFF correct we still have a ways to go on the intermediate term down to "D".
On the Daily chart I think the pattern suggests we are likely about to have a fall soon. Supporting this is my current EWT count, a negative reversal in the daily RSI , and the current price at what appears to me on the weekly chart to be a horizontal support resistance level .
* Note: I although I use EWT to try to anticipate what will happen next I now never trade on EWT . "Anticipate but wait" Wait for price action to support you may be right and give you a reasonable stop to get out when your are wrong. I personally use channels, candlestick patterns, trend lines , Fibonacci relationships and traditional bullish and bearish patterns.
