We can see an Eliott Impulse been completed and started consolidating, If we multiply the first wave x 1.618 we can see it gives us the distance of the third wave (area of consolidation), we can even see some ABCs been completed on the down trend, We also have a bullish Head and Shoulders, just broke the neck and started up trend. I used Fibonacci to measure impulse and we can see the retracement levels respecting consolidations. MACD has divergence and EMA indicators indicate up trend
Kommentar:
Plan A - We can see Dollar Index began down trend, but it bounced right on previous support, plus Head and Shoulders neckline, so we know it could bounce up trend, now I used Fibonacci to measure impulse and we get 0.618 retracement right at support. I expect first TP at -0.27 and second TP at -0.618 (-0.618 right on previous 0.618)
Kommentar:
Plan B - So I measured bearish impulse and got 0.618 right on top of ABCs completion, we know its consolidating on a strong support but if it breaks, I expect down trend to retest previous support.
