A brief hiatus ... An expanding leading diagonal

3 apr

In my previous analysis on DXY, I was contemplating if DXY is forming a leading diagonal or a (1)(2), i, ii setup ... Based on the wave count since then, an impulsive wave has formed since then. To be exact, an impulsive wave with a third wave extension and a contracting triangle as fourth wave, can be counted as the fifth wave of an expanding leading diagonal. In the depicted chart, we can summarise the expanding leading diagonal as follow, a leading diagonal as wave 1, an impulsive wave with a fifth wave extension as wave 3, and an impulsive wave with a third wave extension as wave 5.
We have observed the retracement unfolding now, a target price of the retracement should be in the 103.8 to 104 region, a retracement between 61.8 and 50% of the expanding diagonal, before heading up north again.