tomj2417
Long

DXY. Leading diagonal or ending diagonal in wave 5?

TVC:DXY   US DOLLAR CURRENCY INDEX
58 3 1
I am showing a count for a leading diagonal as wave 1 of wave 5 for the Dollar index             , looking for a 5-3-5-3-5 count. I'm sure I could also count this as an ending diagonal too (3-3-3-3-3) which would suggest that while there is more upside in the Dollar, there is less so and a trend change could be more imminent. However, whichever way you count it, I believe the Dollar will rise from here and could hit around 100 before making any serious retracement or changing its trend.
markrivest
2 months ago
Hi
Elliott wave Ending or Leading Triangles with expanding trend lines are very rare.
A more likely wave count is that from what you have listed as wave "X" a Horizontal Triangle could be forming.
If so we could expect more sideways action before the next significant rally begins.

Mark
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tomj2417 PRO markrivest
2 months ago
More than likely, although isn't a leading diagonal reasonably common in a wave 1? Appreciate the comment. I see what you mean about a horizontal triangle and I hadn't considered that. That's the wonderful thing about the markets isn't it......time will always tell.
Reply
markrivest tomj2417
2 months ago
Hi

Leading Diagonals are more common than Ending Diagonals. For wave "1" a standard Elliott five wave pattern is more common than a Leading Diagonal Triangle.


Mark
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