Expecting another wave down, at least to the recent low but maybe much lower as the trend is still bearish. A break above the recent high with volume and strength, including a close above the trendline, would be more bullish and I would begin looking for buys after an ensuing correction.
Order has been placed -- the divergence and 1-2-3 set-up were the last pieces needed to look for a short trade on the dollar index 0.12% . This comes after a bearish impulse on the 4H followed by three waves up. There is a completed bearish bat on the 4H as well which gives additional confluence.
Previous position has been brought to breakeven. This set-up is actually based on the 5M chart so I will be active in managing this, but it is in line with all of my thoughts and provides a great reward:risk.
4H AO has not crossed yet so this is a shorter term trade...here we can see a three wave correction with divergence and a double top on the last wave. My first target is the previous low. I will update at breakeven and when close to the target.
4H AO cross has not happened yet and there is bar divergence on that time frame so this must be kept in mind. I will be looking to move to breakeven quickly and perhaps even take profit at the target but that has not been decided yet. The overall trend is bearish but this may be a short term trade before the larger correction and final 4H continuation trade. Stay patient.
DXY very tricky right now -- arguments for both sides for sure.
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...
After breakout of the ending diagonal structure (previous idea linked below) I am interested in sells. There is now a nice correction forming under the trendline. Not sure if it will reach so high but for now I will place trade as shown. More details on chart.
The bearish wave seems to be running out of steam...now forming this wedge pattern along with divergence on the 4H chart.
A more conservative approach would be to wait for the bounce and flag to long, but based on this set-up I am willing to take the trade.
The target shown is only Target 1. Will update when moving stop loss to breakeven and managing the trade.
This bearish bat completes at the top of the daily structure, which is also the PRZ of the larger bearish bat that completed 06/29 and already hit its first target. The RSI is currently in overbought territory -- bearish divergence and a crossing down below the 70 line would be a nice confluence to this trade.
The trend has been bullish so it is important to...
A bearish AB=CD pattern completed and seems to be respected with price making a double top. I just entered short @ 0.7459 (this chart is delayed but it is the current market price), which is the .618 retracement of the drop since the double top. My stop is 0.7567. Wish me luck!
There is a bullish Bat which has completed at 96.80, right in the vicinity of the . 618 retracement at 96.47. There is bullish divergence on this time frame. In addition, this zone is the 1.27 extension of the first wave down. From an Elliott Wave perspective I am even considering this the possible end of Wave 4 -- my count is in my old DXY daily chart which I...
I am looking for a buy in the PRZ shown based on the bullish Butterfly pattern as well as 50% retracement level.
From an Elliot Wave perspective, if the move up from the recent bottom was all a first wave then this is the minimum retracement I would expect for the second wave. In this case we are getting ready for Wave 3 which would likely be pretty...