The dollar seems to be in a Bear market B wave, contracting triangle. Due to the duration of the correction it is likely a B vs the 4th wave of the 5th and confirms a bear market triangle. Now given that we may be on the verge of a break down in the C wave and could have a pottential throwover before a sharp move lower.
Comments
resurrector007
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Note the E throw over has crossed prior C levels. hence this should change my complete triangle. I have to revise this chart. What i notice is tho that the dollars downward retracement does not seem a clean impulsive wave and thus could be just a correction to an upward impulsive move or we are still in a large triangle. Observe if there is a impulsive move upward next week in huge proposition. If so, this could be a bear trap. Else, If we cross below 100.82 then the dollar is down to 98. I was not disciplined to keep my stop losses so i got caught trading the opposite direction [ Hope you'll learn from my mistake :) ]
resurrector007
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I could be corrected that this is a contracting bear market triangle and as a result all is same however the line needs to be drawn from B to D and the E wave has to clearly have a 3 wave move before heading downward.