Can we overlook the overlap?
Updated
Greetings traders! The DXY has thrown a curve ball into the count as the preferred path ( As shown in red) has made a critical overlap of the proposed wave 1 bottom. But can we overlook that and stay with a much more pleasing shape in the larger impulse? I have found a way to complete the impulse off the low, but it is not very attractive and I wouldn't say it has "the right look". However, from a purist standpoint, it is one way to deal with the overlap. The overlap is small (only 4 ticks!) and I have seen instances in the DXY where rules have been broken yet the count turned out to be correct, so this one is still open to debate! Overall, I still remain bearish the DXY and the USD. Good luck!
Note
We also have to consider the leading diagonal which fits the picture much better!Note
It has also been pointed out to me that we may get an ending diagonal in the DXY for the last wave 5! Not as common, but we will get 3-3-3-3-3 as a structure rather than the usual 5-3-5-3-5 of an impulse! Lets see how it develops!
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