In this post on the $DXY, I pointed to two alternatives. On the one hand, we had a good candidate for a minute (blue) 2, after which, we should begin to descend, and on the other, we had an inverse that could send us higher. In the meantime, the inverse has sent us higher, however:
- It’s still only at the 78.6% retracement of the prior two, entirely acceptable still for a wave 2, and
- The structure from minute (blue) 2—as I have it labelled—looks like a zig-zag so far, a 5-3-5 structure that is most commonly found in twos.
So, it’s still possible that we turn down here, though the full measured move on the inverse may still need to be met.
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