DXY Bearish - Double Three Pattern Unfolding
Updated
DXY (Dollar Index) Structure shows me that it has more chances to show a Bearish outcome than a Bullish one.
According to the previously posted DXY - Cheating with the Joker - Double or Triple Three? video, this could very much turn out to be true.
Wave Counts suggests that the Double Three Pattern is complete and that DXY could start unfolding a possible Ending Diagonal towards 87.30 Levels.
Preferred direction is Bearish and the Main Count is my favorite at these times, however, should the Dollar Index start a Bullish move, I would be looking for limitations around 91.40 Levels.
Main Count vs Alternate Count:
Alternate Scenario:
If DXY would surprise with one more Bullish Swing, it would be most probably considered as limited because that would imply extending the current Corrective Structure from a Double Three into a Triple Three, which would rarely occur.
*Note: 91.40 would be closely watched if this scenario would turn out to be true.
Reasons:
50% Fibonacci Retracements of Minute III (red)
150/161.8% Fibonacci Extensions of Minuettes (w)&(x) (purple)
Bearish Divergence expected at the mentioned Fibs
Preferred Scenario:
Expanded Flat within a Double Three Pattern would be considered as complete at these stages as multiple facts point towards that possibility.
38.2% Fibonacci Retracements of Minute III (red) have been reached (default measurements for Minute IV (red)).
False Break-out caused by Minuette (x) (purple) decreases the chances of the Triple Three scenario
100% (default measurement) Fibonacci Extensions of Minuettes (w)&(x) (purple) have been reached
Sub-Minuette c (blue) of Minuette (y) (purple) unfolded as an Ending Diagonal which is seen as a reversal Patern
Minuette (ii) (black) shows a possible Right Shoulder in a Head & Shoulders Formation, which is a Continuation Pattern
Recent up-swings are causing lower-highs which could be a solid sign of upcoming Bearish Divergence
Dollar Index 2H Interactive Chart:
USD/JPY - Running Flat pointing towards 103.00
USD/CHF pointing towards 0.9050
Many pips ahead!
According to the previously posted DXY - Cheating with the Joker - Double or Triple Three? video, this could very much turn out to be true.
Wave Counts suggests that the Double Three Pattern is complete and that DXY could start unfolding a possible Ending Diagonal towards 87.30 Levels.
Preferred direction is Bearish and the Main Count is my favorite at these times, however, should the Dollar Index start a Bullish move, I would be looking for limitations around 91.40 Levels.
Main Count vs Alternate Count:
Alternate Scenario:
If DXY would surprise with one more Bullish Swing, it would be most probably considered as limited because that would imply extending the current Corrective Structure from a Double Three into a Triple Three, which would rarely occur.
*Note: 91.40 would be closely watched if this scenario would turn out to be true.
Reasons:
50% Fibonacci Retracements of Minute III (red)
150/161.8% Fibonacci Extensions of Minuettes (w)&(x) (purple)
Bearish Divergence expected at the mentioned Fibs
Preferred Scenario:
Expanded Flat within a Double Three Pattern would be considered as complete at these stages as multiple facts point towards that possibility.
38.2% Fibonacci Retracements of Minute III (red) have been reached (default measurements for Minute IV (red)).
False Break-out caused by Minuette (x) (purple) decreases the chances of the Triple Three scenario
100% (default measurement) Fibonacci Extensions of Minuettes (w)&(x) (purple) have been reached
Sub-Minuette c (blue) of Minuette (y) (purple) unfolded as an Ending Diagonal which is seen as a reversal Patern
Minuette (ii) (black) shows a possible Right Shoulder in a Head & Shoulders Formation, which is a Continuation Pattern
Recent up-swings are causing lower-highs which could be a solid sign of upcoming Bearish Divergence
Dollar Index 2H Interactive Chart:
USD/JPY - Running Flat pointing towards 103.00
USD/CHF pointing towards 0.9050
Many pips ahead!
Note
DXY 2H Chart:USD/JPY 2H Chart:
USD/CHF 2H Chart:
Note
Note
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