Dollar index update
The dollar index showed a somewhat complex structure lately and therefore I posted both long and short scenario's.
Let's get back to my post of 4 months ago.
In the above post I explained how I counted the wave structure by means of counting all inner waves.
So far we saw a low after wave 15 which is an extension of 3.
This in combination with the recent bullish price action makes me believe that wave 4 is in place on the daily time frame and we are on our way to a new high.
When we take a closer look at the 1 hour time frame we see the recent bull rally very clear. It seems like we need another leg higher for what I count to be a wave 3 of lesser degree. Once that wave 3 is in place we should see a correction for wave 4 towards the 97.50 zone again.
Updates will follow.
Let's get back to my post of 4 months ago.
In the above post I explained how I counted the wave structure by means of counting all inner waves.
So far we saw a low after wave 15 which is an extension of 3.
This in combination with the recent bullish price action makes me believe that wave 4 is in place on the daily time frame and we are on our way to a new high.
When we take a closer look at the 1 hour time frame we see the recent bull rally very clear. It seems like we need another leg higher for what I count to be a wave 3 of lesser degree. Once that wave 3 is in place we should see a correction for wave 4 towards the 97.50 zone again.
Updates will follow.
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