Hello traders, Dollar Index in 4-hour timeframe, this analysis is prepared in 4-hour timeframe but is displayed for better visibility in 8-hour timeframe.
According to the previous analysis, we are currently forming a c-wave in daily time.
Waves 1 and 2 of wave c are complete and wave 3 is not yet formed. According to the pattern that the chart formed three weeks ago, it creates a diagonal triangle that this diagonal triangle can be part of wave 3.
Here we have a valid green channel that identifies an important area.
If the price of the previous ceiling crosses the orange resistance line, the upward movement is confirmed and the price moves up to the green channel ceiling.
If the green channel ceiling is broken, it means that the previous neutral trend is a triangle for wave 4 and we will expect more ascent.
But if the roof of the green canal is not broken, it means that this movement is part of wave 3 and we will expect a deep descent.
If the price moves down before hitting the green channel ceiling, it means that waves 3, 4 and 5 are complete and now a new trend is starting.
To be sure of the downward trend of the price, first the green channel and then the purple resistance line must be broken.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️
According to the previous analysis, we are currently forming a c-wave in daily time.
Waves 1 and 2 of wave c are complete and wave 3 is not yet formed. According to the pattern that the chart formed three weeks ago, it creates a diagonal triangle that this diagonal triangle can be part of wave 3.
Here we have a valid green channel that identifies an important area.
If the price of the previous ceiling crosses the orange resistance line, the upward movement is confirmed and the price moves up to the green channel ceiling.
If the green channel ceiling is broken, it means that the previous neutral trend is a triangle for wave 4 and we will expect more ascent.
But if the roof of the green canal is not broken, it means that this movement is part of wave 3 and we will expect a deep descent.
If the price moves down before hitting the green channel ceiling, it means that waves 3, 4 and 5 are complete and now a new trend is starting.
To be sure of the downward trend of the price, first the green channel and then the purple resistance line must be broken.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️