Dollar index in classic zigzag corrective pattern
Greetings,
Dear friends, I hope you are well and have a week full of successful and profitable transactions.
My analytical view:
DXY analysis is one of the most challenging markets out there in my opinion. If we just want to see the overall structure on the daily chart, there is a bearish impulse pattern, and wave A or 1 is formed in the larger degree of the wave.
Next is an impulse pattern for wave A and the continuation of a deep correction, which can also be seen as multiple zigzags, which I labeled as wave B in my aggressive idea. But what happened after wave B looks like a diagonal pattern that consists of formula 3.3.3.3, and only 3 waves are left to complete it in the bull market. A classic zigzag pattern is formed for wave B or 2 in a larger degree, and after that, we will see a drop in the dollar index.
This fifth wave of the diagonal pattern after the price crossing, i.e. the price action, should be formed from the middle line of the corrective channel. Next, any corrective pattern can be a green light to enter the transaction, and then the probability of exiting the channel will increase.
The point of invalidity of this analysis is based on the fourth wave of the diagonal pattern that has been completed.
There is also an idea about the continuation of the downward trend, which I will share if needed
Note: I am an analyst in the world of principle wave, who has entered the fourth year of my work experience, and I am developing an analytical idea. In financial markets, there is no 100% certainty due to the complexity of different patterns that can change. However, I do my best to back up every analysis I share with you guys with everything I've learned so far.
A brief explanation of the three fundamental laws of the wave principle:
1. The second wave should never go beyond the beginning of the first wave.
2. The third wave should never be the shortest wave between waves 1, 3, and 5.
3. The fourth wave must never enter the territory of the first wave.
Ralph Nelson Elliott was the founder of this theory, and when asked about his view of the market, he always referred to five waves in the direction of a larger trend and three waves against the direction it was taking. After completing an eight-wave cycle, a larger cycle is formed in the future, simply.
May his memory be cherished, and may his soul rest in the shelter of God Almighty and the eternal world.
I am attaching the analysis of this market that I shared with you earlier to this current analysis.
The last word of my analysis text is repetitive, except to explain the current analysis because I also trade in the financial markets and I am active in my social networks, and I work hard to improve my skills in analysis and trading to reach my goal.
I apologize for repeating the text.
I welcome suggestions and criticisms, and I will respond, but a logical reason is important to me.
Thank you for taking the time to review my analysis.
First of all, I wish good health and success to all my dear friends and colleagues.
Mr. Nobody
Dear friends, I hope you are well and have a week full of successful and profitable transactions.
My analytical view:
DXY analysis is one of the most challenging markets out there in my opinion. If we just want to see the overall structure on the daily chart, there is a bearish impulse pattern, and wave A or 1 is formed in the larger degree of the wave.
Next is an impulse pattern for wave A and the continuation of a deep correction, which can also be seen as multiple zigzags, which I labeled as wave B in my aggressive idea. But what happened after wave B looks like a diagonal pattern that consists of formula 3.3.3.3, and only 3 waves are left to complete it in the bull market. A classic zigzag pattern is formed for wave B or 2 in a larger degree, and after that, we will see a drop in the dollar index.
This fifth wave of the diagonal pattern after the price crossing, i.e. the price action, should be formed from the middle line of the corrective channel. Next, any corrective pattern can be a green light to enter the transaction, and then the probability of exiting the channel will increase.
The point of invalidity of this analysis is based on the fourth wave of the diagonal pattern that has been completed.
There is also an idea about the continuation of the downward trend, which I will share if needed
Note: I am an analyst in the world of principle wave, who has entered the fourth year of my work experience, and I am developing an analytical idea. In financial markets, there is no 100% certainty due to the complexity of different patterns that can change. However, I do my best to back up every analysis I share with you guys with everything I've learned so far.
A brief explanation of the three fundamental laws of the wave principle:
1. The second wave should never go beyond the beginning of the first wave.
2. The third wave should never be the shortest wave between waves 1, 3, and 5.
3. The fourth wave must never enter the territory of the first wave.
Ralph Nelson Elliott was the founder of this theory, and when asked about his view of the market, he always referred to five waves in the direction of a larger trend and three waves against the direction it was taking. After completing an eight-wave cycle, a larger cycle is formed in the future, simply.
May his memory be cherished, and may his soul rest in the shelter of God Almighty and the eternal world.
I am attaching the analysis of this market that I shared with you earlier to this current analysis.
The last word of my analysis text is repetitive, except to explain the current analysis because I also trade in the financial markets and I am active in my social networks, and I work hard to improve my skills in analysis and trading to reach my goal.
I apologize for repeating the text.
I welcome suggestions and criticisms, and I will respond, but a logical reason is important to me.
Thank you for taking the time to review my analysis.
First of all, I wish good health and success to all my dear friends and colleagues.
Mr. Nobody
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