Hello, All!
USD Index
DXY
is currently forming the slightly incorrect bearish Wolfe wave.
I would like to underline that this pattern is not a classic one as I'm ignoring extremely long lower shadow of the candle at point 4.
After August NFP/employment/wages data missed forecasts, the USD crashed badly in just 1 min, but returned back to the pattern's structure almost instantly. In this particular case as an exception, I consider this move to be more the market's emotional reaction rather than the real formation of point 4.
Other than that, this pattern looks solid and if the price makes a peak around point 5, this can become an interesting sell opportunity.
GL and profitable week!
USD Index
DXY
is currently forming the slightly incorrect bearish Wolfe wave. I would like to underline that this pattern is not a classic one as I'm ignoring extremely long lower shadow of the candle at point 4.
After August NFP/employment/wages data missed forecasts, the USD crashed badly in just 1 min, but returned back to the pattern's structure almost instantly. In this particular case as an exception, I consider this move to be more the market's emotional reaction rather than the real formation of point 4.
Other than that, this pattern looks solid and if the price makes a peak around point 5, this can become an interesting sell opportunity.
GL and profitable week!
Order cancelled:
The wave wasn't completed as DXY broke the line 2-4 and is keeping its long established continuous downtrend.