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 have linked below.
Entering at this price (96.79) offers a risk:reward of about 1:3, while entering at 96.49 will give a risk:reward of around 1:4.2 (calculated for TP1 of the Bat). For now I am choosing to be patient to see if I can get this better entry.
Please share your own view!