$DXY: Bullish Trend But Bearish Impulse on 4H = Neutral on Daily
DXY very tricky right now -- arguments for both sides for sure.
Bullish:
Still technically bullish trend according to my rules
Broke out of downtrend line with strong bullish wave since mid-April
The recent break of this uptrendline suggests we may only be in Wave 4 right now, with another push higher to come
AO has only just crossed 0 which is another indication that the previous wave has only just ended -- which was likely wave 3
Bearish:
There is a case that the 5 waves has already completed, especially on the 4H, suggesting at least a larger correction
There is what appears to be a bearish impulse on the 4h, suggesting another wave lower
Break of the uptrend line, while the downtrend line has been holding
Double top, if that means anything
The daily chart is close to entering a corrective phase, which also supports a push lower
Due to the unclear nature of the daily chart, I am looking to trade the continuation of the bearish impulse on the 4H but will be very selective in my entry since it does not have complete confirmation from the daily. I am also willing to change this thesis, especially upon the break of the downtrend line. I will update on lower time frames below
Bullish:
Still technically bullish trend according to my rules
Broke out of downtrend line with strong bullish wave since mid-April
The recent break of this uptrendline suggests we may only be in Wave 4 right now, with another push higher to come
AO has only just crossed 0 which is another indication that the previous wave has only just ended -- which was likely wave 3
Bearish:
There is a case that the 5 waves has already completed, especially on the 4H, suggesting at least a larger correction
There is what appears to be a bearish impulse on the 4h, suggesting another wave lower
Break of the uptrend line, while the downtrend line has been holding
Double top, if that means anything
The daily chart is close to entering a corrective phase, which also supports a push lower
Due to the unclear nature of the daily chart, I am looking to trade the continuation of the bearish impulse on the 4H but will be very selective in my entry since it does not have complete confirmation from the daily. I am also willing to change this thesis, especially upon the break of the downtrend line. I will update on lower time frames below
Comment:
Critical area here, still need to be patient by my rules however
