Hello everyone,
I present you my view of the dollar, from a macro perspective.
We can see in yellow the largest wave count: 1 to the highest high, 2 (consisting of an ABC) to the lowest low.
Since then we have created a structure in which we can count 5 waves (in green), which makes this an impulsive wave and it will have to be confirmed by the breaking of the B wave peak.
Therefore price is currently composing the structure of the last wave 5: I have highlighted, through the white circles, the peaks of the possible waves 1 - 2 - 3, this means that there is a corrective wave 4 and a last impulsive wave 5 missing.
WAVE 4
Considering that the price is in overbought territory we can expect that we are at the beginning of this wave 4 correction which will probably retest the price highlighted by the purple horizontal line, from the price of 103, and will probably test the 21 ema (yellow line) perhaps to confirm the continuation of the bull trend.
WAVE 5
In order to confirm the impulsiveness of the wave (wave 1 of the big yellow wave 3) the price will have to break the reported peak of wave B.
At that point it will lay the foundations for a wave 2 of ABC correction, whose possible warning signals will be given by a possible bearish divergence between the indicators of the strength of the tred, RSI (purple circle) and MACD (red circle), and price.
Despite the strength of the dollar a 10% correction given by wave 4 could mean a relif rally for the stock market and the crypto market.
Stay tuned!!!
Comments and opinions are welcome.
Best Electric vibes,
Electric Monday.
**NOT financial advice, everyone do their own research**.
I present you my view of the dollar, from a macro perspective.
We can see in yellow the largest wave count: 1 to the highest high, 2 (consisting of an ABC) to the lowest low.
Since then we have created a structure in which we can count 5 waves (in green), which makes this an impulsive wave and it will have to be confirmed by the breaking of the B wave peak.
Therefore price is currently composing the structure of the last wave 5: I have highlighted, through the white circles, the peaks of the possible waves 1 - 2 - 3, this means that there is a corrective wave 4 and a last impulsive wave 5 missing.
WAVE 4
Considering that the price is in overbought territory we can expect that we are at the beginning of this wave 4 correction which will probably retest the price highlighted by the purple horizontal line, from the price of 103, and will probably test the 21 ema (yellow line) perhaps to confirm the continuation of the bull trend.
WAVE 5
In order to confirm the impulsiveness of the wave (wave 1 of the big yellow wave 3) the price will have to break the reported peak of wave B.
At that point it will lay the foundations for a wave 2 of ABC correction, whose possible warning signals will be given by a possible bearish divergence between the indicators of the strength of the tred, RSI (purple circle) and MACD (red circle), and price.
Despite the strength of the dollar a 10% correction given by wave 4 could mean a relif rally for the stock market and the crypto market.
Stay tuned!!!
Comments and opinions are welcome.
Best Electric vibes,
Electric Monday.
**NOT financial advice, everyone do their own research**.