Expanding ending diagonal
Since my last post on DXY, the index has been heading south. The 'C' wave has since displayed 5 distinct waves, with the 5th wave as an expanding ending diagonal (a-b-c-d-e) as depicted in the chart. Ending diagonals are commonly seen in 5th wave of an impulse wave. And they are also harbingers that the index is about to undergo quick and steep reversal rally.
I am still sticking to my (1)(2) count on DXY as discussed in my previous post on DXY but my concern is the wave (2) has retraced more than 76.4% of wave (1). That raises a red flag for me to think otherwise. I need to see a i-ii setup within the wave (3) to dismiss my concern. Time will tell .....
I am still sticking to my (1)(2) count on DXY as discussed in my previous post on DXY but my concern is the wave (2) has retraced more than 76.4% of wave (1). That raises a red flag for me to think otherwise. I need to see a i-ii setup within the wave (3) to dismiss my concern. Time will tell .....
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