Dxy_short
$AUDUSD Wolfe Wave, Point 4 In SightHello Traders,
In this Wolfe Wave I want to highlight the internal moves between the points.
Points 1-2: You want to look for an abcd pattern in the development of points 1-2. Though it is not always the case this usually helps define whats coming later on.
ab=cd
Points 2-3: Similar to 1-2, 2-3 also forms an abcd pattern. 2-3 is typically the longest wave in length and time. It can also possess more complex internal wave patterns as the points are being created.
Points 3-4: This path is similar to point 1-2 as it forms another, smaller, abcd pattern. If point 1-2, for example, is an impulse move, look for 3-4 to act in the same manner.
Points 4-5: There are a number of moves that can develop between these points, another abcd, ZigZag pattern, or a swift move to the downside is possible. This move is really what I am interested in seeing in this chart!
Finally, I want to hone in on the 1-4 trajectory line and how it can potentially help us figure out where point 4 is. Notice how I place the trajectory at an angle that acts as an anchor throughout the formation of this Wolfe Wave. I would also be interested to see how this plays a role in this formation.
If you find this chart helpful please let me know by liking and following! :-}
Thank you,
-Chartistry
USDOLLAR INDEX H4 FORECAST NEXT WEEKUSDOLLAR INDEX H4 FORECAST NEXT WEEK: I think price will drop into 72Fib and then move up to 162Fib.
But i have doubts about the upmove to 162Fib since both COT-data and accumulation-levels signal bearish developments.
Another conflicting source is the seasonal chart of the USDX . This chart show clearly that USDX weakens in pre-election period.
Dollar to weaken before it creates new highBelow we have a simple ABCD pattern forming - currently progressing B-C. The following are noteworthy;
1 - Weekly candlesticks are bearish moves, we can predict further bearish activity;
2 - MA's have crossed over bearish on both daily and weekly timeframes;
3 - A smaller ABCD pattern completes at leg C of overriding pattern; and
4 - point C (or D of smaller ABCD pattern) would work to fill out a gap in the market that still remains unfilled
Point C should serve as a floor for DXY to climb to a new HH
Let's see how this pans out! Would love any feedback ;)
Happy trading folks - G5B_FX
61.8% reached , consolidation period, retracement...Let's keep it simple...
Reached the target mentioned days ago (link below), between the 50% and 61.8% fib from A to B, now, consolidation time (lower time frame), and retracement should be next.
Target, the 31.8% fib from B to C, synced with previous structure, around 95.75
Note: similar inverted movement expected in the pair eur/usd.
DXY After brushed the floor at 38.2%, target at 50% ExtensionI'm expecting DXY to move up to 50% Fib Extension, that will sync the structure with past lower lows from March / April, and then to complete a retracement from all this uptrend, moving down, between 50% and 61.8% fib retracement.
Similar movement (inverted), expected with Euro/Dollar pair.
Have nice trades.