Regarding the dollar index ;I will be looking for the end of this correction in next weeks trading session to sell the dollar index . Which might test 90 and maybe even lower.
Keep in mind that this is not a guaranteed trade and there is no such thing as a guaranteed trade but IF structure tells me to sell I will simply sell it with the arrows showing my bias of what to expect once we see the break.
So what has changed and why did I post my bearish scenario as well ? I'll try to explain it by means of a chart:
As you can see in my previous post I was looking for an impulse to unfold. Instead I believe we saw a zig-zag correction by means of a 5-3-5 structure for ABC. This suggests that we are in a more complex correction and that price isn't ready yet for a bullish continuation in terms of the bigger picture.
So now we have to determine whether this count is correct or not. I will watch price action for now because I favor a move lower soon. Only if we see an acceleration higher I will start buying after a consolidation. Since EURUSD determines more than 50% of the dollar index we can't ignore what's going on in that pair. I updated EU this morning and as long as that triangle base line is in place it is simply almost impossible for the dollar index to accelerates much higher.
I'm wondering about the difference I see in your long term count from 2 months ago and now 4 days ago.
Is you count still wave (4) in May in which case we are in wave 3 for a major up side ?
Can you please show your updated count in the same detail as the 2 months ago count please.
Safe trades and thanks for asking!
I explain all my views in detail for FREE like no other analyst does on TradingView (or maybe a few I haven't come across). So if you have a question let me know instead of making these kind of comments that make no sense at all. Yes the dollar tend to correlate. But BIGGER picture that doesn't have to change anything like I said many times before.