I do believe impulsive wave already done and so the wave A (1,2,3,4,5 structure) The question is, "How about B wave, is it done yet?" In my opinion, it's nearly done. The reason is: 1. Rising wedge form in D TF 2. The price is moving with compression reaction (smaller and more smaller candlestick) 3. In between 88.60% and 78.6% Fibo levels 4. Reversal Divirgent on stochastic
Note: this is my vision on DXY using elliot waves. I do not giving any signal or something like that. ;)
It is in the expected timing band for a YCL, therefore, whether or not we make a new high, we should see this Daily Cycle fail and position the dollar for an Intermediate cycle decline, moving into a YCL. This would line up with your analysis that we should expect a 'C' wave down.
A final push higher may show one last bout of weakness in the metals markets also, flushing out weak hands and setting the table for the bigger money (if you support this type of correlation of course) ;)
alexey-m
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re b wave: it will likely make another high before dropping.
A final push higher may show one last bout of weakness in the metals markets also, flushing out weak hands and setting the table for the bigger money (if you support this type of correlation of course) ;)