possible expanding diagonal
Since my last update on DXY, it has reached the 104 region on April 4. It has moved upwards since and an impulsive five wave has been formed with a possible expanding diagonal as wave 5 as depicted on the 15 mins' chart. The nonfarm payroll of 330,000 jobs, more than the expected 200,000 jobs, have triggered a sharp rise in DXY from 104.2 to 104.7. We label this sharp rise as wave iv of the expanding diagonal. This was followed by a sharp retracement of 61.8% of the entire impulsive wave.
I am not certain if the retracement is completed or there is a possibility that it may move slightly lower as labelled in the chart. But nonetheless, the end is near and it should be heading up north again soon!
I am not certain if the retracement is completed or there is a possibility that it may move slightly lower as labelled in the chart. But nonetheless, the end is near and it should be heading up north again soon!
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