DXY Minute: Uncommon Triangle playing out?
With the breach of 102.358, I have abandoned the ED as my primary count, leaving one option if the overall count is correct: Triangle in the ((B)) wave.
This is considered an "uncommon" Elliot Wave pattern. This is a Triangle Count to conclude our ((B)) wave. The reason I have adopted this count is 2 fold. (1) With our recent breach of key levels to the downside, specifically 102.352, My diagonal count has little basis outside of low probability speculation. Remember, I initially called for an motive impulse off of the massive A wave we got last year, then adapted that count to the Ending Diagonal, which is an acceptable/substitute 5 wave move as a C-wave concluding an ABC correction. (2) However, with the breach, all I really have now is a 3 wave move up and a 3 wave move down, which, if it were that simple, would be to simply restart a diagonal count, BUT the 3 wave move up does not finish with a 5 wave move, but another 3 wave move, making it a "triple 3," and based on my understanding, that pattern is rare compared to the uncommon "triangle ((B))." So, the plan is to look for upside past 105, then brace for whatever comes next.
Diagonal count is still noted in pale white, for reference.
This is considered an "uncommon" Elliot Wave pattern. This is a Triangle Count to conclude our ((B)) wave. The reason I have adopted this count is 2 fold. (1) With our recent breach of key levels to the downside, specifically 102.352, My diagonal count has little basis outside of low probability speculation. Remember, I initially called for an motive impulse off of the massive A wave we got last year, then adapted that count to the Ending Diagonal, which is an acceptable/substitute 5 wave move as a C-wave concluding an ABC correction. (2) However, with the breach, all I really have now is a 3 wave move up and a 3 wave move down, which, if it were that simple, would be to simply restart a diagonal count, BUT the 3 wave move up does not finish with a 5 wave move, but another 3 wave move, making it a "triple 3," and based on my understanding, that pattern is rare compared to the uncommon "triangle ((B))." So, the plan is to look for upside past 105, then brace for whatever comes next.
Diagonal count is still noted in pale white, for reference.
Nota
Diagonal Count is still viable in futures, and Triangle could extend in Spot. In other words, Dollar may move up strongly, here.Nota
Either way, the point of the last update, in my analytical system, points to a higher than normal probability that a move up will be the next move for the dollar. Best to all.
-Cuz
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