1W Overview - Harmonic and Elliot Confluence
Hi traders,
The trend is your friend. Be careful with long trades for now as we are still headed to the end of the correction. DXY seems to have broken out of the falling wedge with a double bottom pullback.
Coincidentially, wave 3 will seem to end @ 1W 200 MA at around 24500. We may expect a 27-week correction to play out from there before we break the 200 MA and head towards 300 MA @ 16500-17500
If you have questions regarding my Harmonic and Elliot Plotting, feel free to send me a message so I can clarify my points.
The trend is your friend. Be careful with long trades for now as we are still headed to the end of the correction. DXY seems to have broken out of the falling wedge with a double bottom pullback.
Coincidentially, wave 3 will seem to end @ 1W 200 MA at around 24500. We may expect a 27-week correction to play out from there before we break the 200 MA and head towards 300 MA @ 16500-17500
If you have questions regarding my Harmonic and Elliot Plotting, feel free to send me a message so I can clarify my points.
Comment:
Just an update, the time it took for wave 2 to correct is the same as wave 1. Wave 4 will most likely be a quick and simple ABC retracement rather than a complex one. I'm assuming an August hit on the 300 MA.