Hello traders,
Will start our analysis with the US index which will help us identify market movements for the major currency pairs.
By looking at DXY we are expecting a Zigzag pattern to be formed. According to Elliot Waves, a Zigzag pattern has 3 waves labeled A,B, and C where Wave A= 5 subwaves, Wave B= 3 subwaves, and Wave C = 5 subwaves. We can see that we have finished wave A and made 5 clean moves. We are now in wave B which is going to be 3 moves opposite to wave A.
Will start our analysis with the US index which will help us identify market movements for the major currency pairs.
By looking at DXY we are expecting a Zigzag pattern to be formed. According to Elliot Waves, a Zigzag pattern has 3 waves labeled A,B, and C where Wave A= 5 subwaves, Wave B= 3 subwaves, and Wave C = 5 subwaves. We can see that we have finished wave A and made 5 clean moves. We are now in wave B which is going to be 3 moves opposite to wave A.
Commento:
DXY 12H - After each 5 moves, we should see 3 waves in the opposite direction
Commento:
DXY 8H - On what we will be looking