Before the big short

27 Ağu 2016

Here we have the dollar. In a weekly down trend channel. To me this is a short term long position and a long term short position.

This is a zoomed out version. A longer term view. The candles with the purple circles represent when price touched this specific trend line, but did not close below it.

I see the dollar heading up to about 96.03 where it will linger create a double top (blue rectangle) before coming down to finally break that trend line.

I do expect price to come back and test this trend line once it has broken it.

Purple circles to the right of the trend line and further along the downward channel represent where I see pullbacks or future lower highs being created.

Red bar along the .618 is where I see price going in the end before a reversal