USDX. Monthly graph.
1. We are wading via strong SMA (165)
2. FIbo 423.6 level reached and not broken yet (see grey fibo extended fm 78.91 )
3. Price out of my SL (signal line) - higher in this case at completed period ( 1st period -"cycle" )
4. I consider 1st cycle of monthly USDX vibration finished last month (October2014). So, by my Trading System ( further as "TS" ) next monthly candlestick I am looking for opposite order
5. I consider that the price can move upto SMA (220) but next period (cycle), this 1stis over
6*. Only if the price somehow will brake 87.50 (and other strong levels) and leave it below I consider 1st cycle strategy canceled and will be waiting for the next strong level combining with the next period (2nd cycle)
7. In the down window I consider the USDX movement as uptrend until the line will be broken, and all trend reversal as correction to main move.
8. Now the price squeezed btwn SMA(165) and strong level 87.50
9. Possible target of correction if 87.50 not be broken downwards to 84.06 (see the pic.)
10. Lets see smaller frames for more details (in next posts) We need to have confirmation
Recomendations: We are not trading USDX. This is only for global overview
* to be broken means fully pass the level at specific time frame
PS.1 Major frames used for searching of global tendencies only
PS.2 For your info USDX price chart (quotes) of my broker can be different from yours. Take this into account.
PS.3 Ask for specific picture (by chat or email) if you have difficulties in seeing via FX Community
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