Id like to see Wave 4 is complete here at the lower end of the channel but we are having difficulty with this overhead resistance here. Potential inverse head & shoulders if we do lose the neckline / support.
Id look for a bounce at the lower end of the trend, and one could begin to argue, IF we pivot, we could be forming a falling wedge.
Below that i would for a 50% retracement of wave 3 into the gap zone.
A new high above resistance here would likely take us to 52, and then into the extension zone between the 1.618 and 2.0
In combination with weakness from the DXY, id lean with the bulls for now, but with the rates meeting today, im not ruling anything out, especially while we are under the local resistance zone and potential "shoulders".
Id look for a bounce at the lower end of the trend, and one could begin to argue, IF we pivot, we could be forming a falling wedge.
Below that i would for a 50% retracement of wave 3 into the gap zone.
A new high above resistance here would likely take us to 52, and then into the extension zone between the 1.618 and 2.0
In combination with weakness from the DXY, id lean with the bulls for now, but with the rates meeting today, im not ruling anything out, especially while we are under the local resistance zone and potential "shoulders".