Hi, DXY chart seems confusing to me since fundamentally I am a dollar bear, I have many technical reviews the support the downtrend of DXY.
However, on the other hand, despite of I am not a RSI fan. Some saturation and over sold condition is there on the RSI, but this is not enough, DIVERGENCE is there on the daily chart, accordingly and based on the diverge patterns history, I expect one more short move up and the last deep move down before a strong bounce.
Just an Opinion !
johnmad
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@SaeedAteeq51,
I respect your opinion and clearly said please trade your own rules .
I don’t know in which part of my comment I denied trading my rules, of course I will.
Thanks anyway.
johnmad
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@SaeedAteeq51,
At no point was or am i intending to cause a fight or a bad exchange of words , i really do respect your comments and as this is a place where we can all learn from each other and become profitable or more profitable traders.
Please can you post a chart of your views and as to where you think we Price may drop to as i am very interested to see your analysis, As you said the Dollar can fall and that is a possibility .
johnmad
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@johnmad, This is what i can see on the 2 different situations , hope you agree , let me know your Views Please.
@SaeedAteeq51, Thanks, that's my point of the comment, is to share the ideas. here is one of the view that support the more downside, I will share more in few minutes, with a comment, the above chart is self explanatory, we might go beyond 88.
My comment on the latest chart, I agree 100%, I am on the side that we are now in the 5th wave, already just completed 3. But that proposes to me a big question, we already making 5 waves, is it a part of correction, or a beginning of big downtrend to the down side, this is the point which is confusing actually, because the answer of this question technically can be either ways, with higher probability that we will see new highs but not shortly. the other difficultie part the the fundamental answer, There is NO fundamental reason at to buy the dollar at all, in the time the economies in Japan Euro area and Canada are starting to give strong clues that it is recovering.
I will post more charts in few minutes.
johnmad
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@SaeedAteeq51,
I Agree 100% with , even though i am just starting of with Elliott Wave Counting and Wave Analysis i have a lot to learn but have the basic idea , there is so much more and i will PM You , it has been a pleasure meeting you on this site .