tomj2417
Long

DXY. Leading diagonal or ending diagonal in wave 5?

TVC:DXY   U.S. Dollar Currency Index
78 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.
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
Reply
tomj2417 markrivest
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
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
Reply
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