Dollar Index A third-wave decline might be at the early stages
It seems like a wave (2) might have been in place, so we could be at the beginning of wave (3). If correct, the market should break the low of wave (1) in the weeks to come. At the same time, we can’t rule out that wave (2) might be a little bit longer, possible as a flat pattern.
We will continue considering this option as an alternate scenario.
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Wave 2 might have been in place, probably in the form of a zigzag. In this case, another bearish wave might be already underway.
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However, we should also keep an eye on the alternate wave count (shown on the 15m chart above).
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The advance suggests that the fifth wave of wave ((a)) is over. Broadly, the market should continue unfolding a zigzag for wave Y of (2).
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Upward impulse ended – (ST)
A bullish impulse in wave ((a)) of Y is over. In this case, the market should begin unfolding a local bearing correction, which is supposed to be wave ((b)) of Y. Wave (2) is likely taking the form of a double zigzag.
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Bearish correction is in play
It seems like there’s an ending diagonal, which is supposed to be the fifth wave of wave ((a)). If correct, wave ((b)) might be underway, so the market is likely going to continue developing wave (a) in the next couple of hours.
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Bearish correction might be in play.
The fifth wave of wave ((a)) is likely over, so wave ((b)) might be underway, which means the market is going to continue developing wave (a) in the next couple of hours. If correct, Friday’s low should be broken in the coming hours.
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A downward correction is underway
The fifth wave of wave ((a)) has finished in the form of an ending diagonal. If correct, the current decline is likely a bearish impulse for wave (a). In this case, the market should continue unfolding wave iii of (a) in the short term.
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The bullish impulse might be over
This week's decline boosts the idea that wave (2) might be in place. If we have a five-wave price movement in a position of wave ((iii)), there’ll be even more evidence for the bearish scenario.
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Money printer go BRRRRR
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