SharkbaitAl

$DXY: Bullish Trend But Bearish Impulse on 4H = Neutral on Daily

TVC:DXY   U.S. Dollar Currency Index
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

Comment: Critical area here, still need to be patient by my rules however

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