Decoding the US Dollar Index: Navigating Wave (V) with Thrills
Since the economic tumult of 2008, the US Dollar Index DXY (USDX) has been on a captivating journey, tracing significant waves on its chart. As of now, it stands on the precipice of unfolding the final leg of this larger movement, marked as the thrilling wave (V) on the weekly chart.
Weekly Chart...
Falling Wedge bottom support being tested. Will this hold and send OGN back up above .30c or will OGN have 1 more capitulation back down to .13c?
Let's analyze and find out.
Watch as I explain some basic Elliot Wave Concepts of Corrective Formations and anticipating the next waves. I Also breaks down the idea of an IF-Then-Thought-Process using Elliot Wave and reacting to price.
Eur/Usd is still in this sideways movement but currently taking shape of a more complex pattern.
Within this pattern I am taking a counter-trend move of buying EUR/USD to about 1.1820 area. I will then be looking to flip my position and play other direction.
Let's take a look at the Bitcoin technical picture at the H4 time frame. The market is about hit the projected target zone for the wave (c) of the wave (2) and now it should bounce form it in order to test the local technical resistance at the level of $9,434. The market conditions are now oversold, so it should help to bounce in the short-term. Nevertheless, if...
