Let's look at the US Dollar Index (DXY) on the 4-hour chart. Price has been stuck in this Wave 4 correction for a couple of weeks now. Last week, we thought Wave 4 was over, and we actually caught a few pips trying to buy the continuation. However, the market shifted directions and traded lower, dropping past 101.117.
Thankfully, the 'guideline of depth' and the guideline of alternative count reminds us never to be rigid, but to stay fluid—and we caught that shift perfectly. But what comes next now that price is still grinding inside this Wave 4 correction?"
Thankfully, the 'guideline of depth' and the guideline of alternative count reminds us never to be rigid, but to stay fluid—and we caught that shift perfectly. But what comes next now that price is still grinding inside this Wave 4 correction?"
One crucial rule is to always remember what the guideline of alternative count teaches us: stay fluid. First, we must consider the possibility that Wave 4 will continue to unfold. Since the market completed a flat pattern for the earlier part of the correction, price could now opt for a more complex correction. This means we might see further sideways movement next week, delaying the start of Wave 5 until around the middle of the month.
Another way to look at this market—and the one I am actually using as my main count—is much simpler. In this scenario, Wave 4 has already ended, and Wave 5 has officially begun. If this count is correct, we will see a strong bullish continuation this coming week as price chases its target.
What makes this so clean is that both of our counts suggest the market will start the week on a bullish note; the only difference is that this main count expects an immediate, full continuation higher
What makes this so clean is that both of our counts suggest the market will start the week on a bullish note; the only difference is that this main count expects an immediate, full continuation higher
The 1-hour chart exposes this idea beautifully. As we can see, price is moving in a straight bullish impulse, which will most likely be the very move that completes Wave 5. Because the Dollar Index is looking so strong, it means we can expect highly bearish pressure on EURUSD, AUDUSD, GBPUSD, and NZDUSD at the start of the week. Meanwhile, USD-biased pairs like USDJPY, USDCHF, and USDCAD will likely remain heavily bullish.
I will be updating these individual currency pairs tomorrow and throughout the week, so stay tuned!
I will be updating these individual currency pairs tomorrow and throughout the week, so stay tuned!
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The market did the opposite of what we were expecting yesterday .... Lets me send few adjustments
Elliot waves analyst📈📉
EURUSD .. with price opting for complex correction on DXY price will most likely remain bullish today and try to reach 1.12767 price . from where we are to that targeted price we are 45 pips away so it should be enough for day trades
EURUSD 1H .. so we had a truncated wave (c) that was finishing a zigzag pattern . since Monday and Tuesday price traded in different direction (Monday was a heavy bullish day and yesterday we had a strong bearish move )price has to either maintain this bearish trend or keep trading sideways .
Elliot waves analyst📈📉
XAGUSD (SILVER)
XAUUSD 1H UPDATE .... Remember what we talked about trading wave (4) ...
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