Double-tops Across Markets if DXY eventually turns back up
Diupdate
As other major markets presently indicate similar targets, Nasdaq index also shows a pattern with measured targets pointing towards a same or slightly lower high double-top.
I'm seeing this as a possibility across stock and crypto markets in correlation with a long-term bullish US Dollar Currency Index (DXY) that recently experienced a strong correction and may be preparing for another leg up.
Pre-requisites
This and the other double-top ideas shown below all hinge on DXY not continuing to drop, and also not immediately spiking back up. It would probably need to at least spend 2-3 (or up to 6-9 months) consolidating in the area where it is now (99-105 or so), and then move up.
DXY and how it relates
First some general thoughts on DXY and how it correlates with stock/crypto markets:
Other Potential Double Top Patterns in US Stock and International Crypto Markets
SP500 Measured Move towards same or slightly lower or higher high double-top:
Dow Jones Index Measured Move towards slightly higher high double-top, likely a new but weak ATH:
Bitcoin Measured Move towards same or slightly lower high double-top:
DXY Correlation of Peaks vs Troughs in Crypto and Stock Markets
DXY Peaks/Troughs Correlation to Total2 Troughs/Peaks:
DXY Peaks/Troughs Correlation with SP500 Troughs/Peaks - this chart is older and has since made a new peak/trough for DXY/SPX and is likely headed from current trough to new peak for SP500 (first a double-top prior to suggested recession):
I'm seeing this as a possibility across stock and crypto markets in correlation with a long-term bullish US Dollar Currency Index (DXY) that recently experienced a strong correction and may be preparing for another leg up.
Pre-requisites
This and the other double-top ideas shown below all hinge on DXY not continuing to drop, and also not immediately spiking back up. It would probably need to at least spend 2-3 (or up to 6-9 months) consolidating in the area where it is now (99-105 or so), and then move up.
DXY and how it relates
First some general thoughts on DXY and how it correlates with stock/crypto markets:
Other Potential Double Top Patterns in US Stock and International Crypto Markets
SP500 Measured Move towards same or slightly lower or higher high double-top:
Dow Jones Index Measured Move towards slightly higher high double-top, likely a new but weak ATH:
Bitcoin Measured Move towards same or slightly lower high double-top:
DXY Correlation of Peaks vs Troughs in Crypto and Stock Markets
DXY Peaks/Troughs Correlation to Total2 Troughs/Peaks:
DXY Peaks/Troughs Correlation with SP500 Troughs/Peaks - this chart is older and has since made a new peak/trough for DXY/SPX and is likely headed from current trough to new peak for SP500 (first a double-top prior to suggested recession):
Catatan
Update - bounce up from the 200 day EMA (or the green box here) would confirm smaller W pattern with a TP 2 near halfway to TP 1 on the larger wedge break:Meanwhile, we'd need to see DXY bounce down from the 200 EMA or MA (or the green box here):
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