that channeling in blue lines looks like ending diagonal and that makes it finishing part of that H4 structure so is that move downwards a beginning of a new structure which will weight lower remains to be seen, but as it starts it looks like leading diagonal. OR it will respect that channel again and will be carried higher.
that last structure looks like its finishing the correction as running flat. for now it have all proper length of fractals to be as running flat and im expecting to proceed up from here, BUT maybe it will make more complex structure!
following repeating patterns (in updates) on monthly chart im expecting dollar to go much more higher, and looking at these structures to me it looks like those last structure fractals (in updates) are finishing running flat and will burst up!
so for now wave B from the bigger blue corrective time frame structure seems to be finished! last part of that pink three wave structure looks like diagonal /red/ and with that long wick i think it points out that we r on reversal. my thoughts r that even if it brake the low again it would change nothing, cose that small red diagonal it may have another lower low...
this could still considered as B wave but this time im not expecting to drop much more than 1.139 i.e. 0.382fib. from the motive and 0.618fib. from the B wave. that would make running flat before it proceed up. of-course it can go much more down as expanded flat but due to structure that is forming im leaving that option... if this makes this running flat...
beautiful example of motive wave and its correction! it all fits in bigger picture charts so we need another structure up as last part of B wave of correction before goes down for completing the C wave. those orange bars i copied them from wave A to explain my expectations but id not necessarily means they gonna be that.
according to the correction looks like its going up, but first we need to identify last part of the correction cose its obvious the price is making 3 wave structure and with last structure might bring the price down to the orange line where it needs to find its support!
if u c weekly structure ull get the idea where we r headed, and i guess this wedge might be the start of it!
there is diagonal as motive and as a corrective structure rising wedge 'ascending triangles' with big fat divergence which is going from 4H to daily and will that be enough as a structure for the complete correction or will it have some more complex 3 wave...
there r two scenarios:
- if this make just retrace and dont brake the low than it'll follow same pattern as previous two copied with blue bars, and then well see much beeper bottom!
- if this upside is just a part of a bigger diagonal than might this NFP be the trigger of a last wave of that diagonal, and after braking the low we'll see much high upside!
so one of the possibilities is that is making expanded flat which during the NFP may bring it down to 0.618fib.
other possibility is if this proceed going up it must brake another wave as A down to complete a running flat before going up.
and the third possibility which i dont think it will happen is on 4H time frame this is D wave from diagonal and might drop way...
such a huge move with this motive wave indicates that its gonna be 5-3-5 structure.. now in anticipation of next part!
may be flat or zig zag im not so sure but for the last structure im almost 90% sure its gonna be diagonal! :) which will take us to the upper parallel line where it will find strong resistance and will go down for new lows, IF price dont get...
after that nice impulse my view is that midd term trend is changed and will go up for C wave on daily as per older chart. after that impulse it started corrective pattern since... to me it looks like diagonal with two motives for 2 and 4 and now last wave is again diagonal.
- smaller time frame view in comments
since we r in the beginning of the correction its very hard to guess what it will make but this is the one of most common along with zig zag correction which may drop the price a bit lower. we will talk about it when we get there..