In 2009 the DXY hit the top of the channel crashing the SnP. The DXY finally pulled back and broke the RSI Trendline Support. The RSI went back up to hit resistance, at which point the DXY hit a double top. At this point the SnP hit a NEW LOW, and FINALLY the market started to rally.
In 2015/16 the same thing occurred as the DXY hit a double top, and potentially a "triple top".
Here we are in 2022 and the DXY has hit the same Trendline Resistance created back in 2009. The RSI broke it's Trendline Support and the SnP / BTC are experiencing a bounce.
IF we are to see history repeat itself, the RSI of the DXY should bounce back up to touch resistance which should drive the DXY to a possible double top at which point we could experience our LOWER LOW in BTC and in SnP(which would be the middle of the channel Trendline support) At this point a recovery would start.
Sorry didn't want to add the BTC chart as it would be too much to cover in 1 chart. Please look at my previous post showing a possible lower low in BTC.
In 2015/16 the same thing occurred as the DXY hit a double top, and potentially a "triple top".
Here we are in 2022 and the DXY has hit the same Trendline Resistance created back in 2009. The RSI broke it's Trendline Support and the SnP / BTC are experiencing a bounce.
IF we are to see history repeat itself, the RSI of the DXY should bounce back up to touch resistance which should drive the DXY to a possible double top at which point we could experience our LOWER LOW in BTC and in SnP(which would be the middle of the channel Trendline support) At this point a recovery would start.
Sorry didn't want to add the BTC chart as it would be too much to cover in 1 chart. Please look at my previous post showing a possible lower low in BTC.