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Elliott Wave Analysis of DX (US$)


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#1
Nouf

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No matter how i try to label it all seems like some variation of a triangle, although most traders are looking at the obvious triangle as shown in this chart

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Now i would tend to agree the obvious pattern appears to be a triangle, however the obvious may not be so obvious

When the market is so one sided, that's a time i get very cautious about following the herd, it seems virtually everyone is looking lower in the US$ and higher in EURUSD

I cant go against that sentiment as patterns and price suggest lower, but there is a way that could fool the majority as its something many will probably not be watching, as the obvious might just be too obvious

Alternative Wave Count

Whilst may are looking lower, it might actually be a B wave triangle and push higher, its something that i am considering as the US$ down, EURUSD up is pretty much embedded into forex traders, yet the biggest surprises usually happen when so many are one sided, such as now.

Although overall its bearish the US$ (DX) we could see many traders wrong footed if the US$ got a surprise bid

Posted Image


To be there for the good times, you got to be there all the time - Ben Lichtenstein





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