DXY: A Retracement Is Due

Comments on the chart.
Please wait for weakness before shorting. A 3rd wave can continue past the indicated resistance on the chart. Why stand in front of a bullet train?

The second thing is this: Instead of trading a wave 4 why not wait to buy the 5th wave? Leave trading the wave 4s to shorter term traders and scalpers who can nip in and out of the markets at short notice.

Commentaire:

The daily candle has not closed yet but I see the makings of an inverse hammer which is bearish. I think (think!) with the possible softening of the trade war between China and the US there is no need for protection in the $ today. Just my thinking

Commentaire:

Daily candle has closed and yes we have an inverse hammer candle. I am looking for a retracement/move down

Commentaire:

Price fell today. Not by much though. I am still looking for a deeper retracement as shown on the chart. On lower timeframes this fall should be in 3 waves

Commentaire:

Price has moved up past the level I marked as 3. What this means to me right now is that wave 3 is extending, And so we will still get out waves 4 and 5. Another scenario is that wave 4 has completed with that blip lower on the chart and we are in wave 5 right now. Either way a retracement is due anytime

Commentaire:

Good sized downmove today. Perhaps wave 3 is done and price is doing a 4th wave retracement. More price action is needed to confirm this

Commentaire:

Price moved lower again today. A 3 wave retracement is taking shape on the lower timeframes. I am Still looking lower although my thoughts are now switching to looking for the end of the retracement

Commentaire:

Now this is the move I have been waiting for. Price is attempting to take out the (3) high. If it does then the EW script says there is much more upside to come

Commentaire:

No breakout on Friday but I believe it is coming soon