Following the DXY analysis (tradingview.com/chart/DXY/v9P6h1YF-DXY-potential-for-correction/), the Lagging Span is a it's SSB level on the Weekly Timeframe. If the Lagging Span is refused to pass, a correction to the Weekly TS or KS is likely.
A breaking of that level and after confirmation, the next Target would be the Monthly KS as marked on the chart.
Glossary :
TS = Tenkan Sen | KS = Kijun Sen | LS = Lagging Span/Chikou Span
DLY = Daily | WLY = Weekly | MLY = Monthly
TL = Trend Line | TP = Take Profit | SL/ INV = Stop Loss / Invalidation | TF = Timeframe
** THIS ANALYSIS IS MY OWN OPINION AND IS NOT A TRADING OR INVESTMENT ADVICE. ALWAYS TRADE WITH CARE **
A breaking of that level and after confirmation, the next Target would be the Monthly KS as marked on the chart.
Glossary :
TS = Tenkan Sen | KS = Kijun Sen | LS = Lagging Span/Chikou Span
DLY = Daily | WLY = Weekly | MLY = Monthly
TL = Trend Line | TP = Take Profit | SL/ INV = Stop Loss / Invalidation | TF = Timeframe
** THIS ANALYSIS IS MY OWN OPINION AND IS NOT A TRADING OR INVESTMENT ADVICE. ALWAYS TRADE WITH CARE **
Note
As expected, the Lagging Span was rejected by the Weekly SSB and price are currently retracing.The Weekly KS could be a potential target.
Trade closed: target reached
Price retraced to the WLY KS, from where it could react by bouncing back on the upside or by either breaking that level, however there is now a confluence of support levels on the DLY chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.