If we follow the basic of Elliott wave, the dollar is already forming its 5th motive wave in the weekly timeframe.
Last week, the dollar fell into a consolidation in the midst of the 5th motive wave.
Apparently, this is the 4th corrective wave in the H4 timeframe and that means it will be forming its 5th motive wave very soon, probably this coming or the following week.
Therefore, we could look to resume selling the dollar this week as long as the price pulls back to the upper band for a higher price to sell.
P.S. This entire bearish wave could just be the beginning of dollar's downfall due to the breakdown of a near 10-years rising trendline.
Last week, the dollar fell into a consolidation in the midst of the 5th motive wave.
Apparently, this is the 4th corrective wave in the H4 timeframe and that means it will be forming its 5th motive wave very soon, probably this coming or the following week.
Therefore, we could look to resume selling the dollar this week as long as the price pulls back to the upper band for a higher price to sell.
P.S. This entire bearish wave could just be the beginning of dollar's downfall due to the breakdown of a near 10-years rising trendline.
