A nice view of the last run up and ongoing fall back down
As the dollar continues this channel pattern guided by structure left on its way up; the next move should be a push from around 101.3 - followed by a rejection at 103.5.
A move down from that area should be enough to drive back to 100.
Structure and the -0.786 Fibonacci extension line up nicely through this run providing good confirmation as a respected trend peak.
If following a similar five wave pattern as we did upwards - then we have one more leg down before the channel is broken with its 5th move.
Below 99.50, we may begin something not (yet) as predictable.
And of course, there's also the possibility that what we think is predictable...is not
Happy trading - stay agile
As the dollar continues this channel pattern guided by structure left on its way up; the next move should be a push from around 101.3 - followed by a rejection at 103.5.
A move down from that area should be enough to drive back to 100.
Structure and the -0.786 Fibonacci extension line up nicely through this run providing good confirmation as a respected trend peak.
If following a similar five wave pattern as we did upwards - then we have one more leg down before the channel is broken with its 5th move.
Below 99.50, we may begin something not (yet) as predictable.
And of course, there's also the possibility that what we think is predictable...is not
Happy trading - stay agile
