Dollar Index seems to form a textbook Double combination. A Double combination is 2 corrective joined with an x wave.
The abv figure shows a double combination from Mastering Elliott Wave which consists of an Elongated flat and contracting Triangle.
In our case of Dollar Index similar situation exist . We have Double Zigzag as first corrective and then a contracting triangle as second.
Final leg e of the contracting triangle seems to form a double zigzag too with c as terminal
impulse.Initially it should head towards 79 and 86$.
The Nifty behaviour at recent lows of 534x looks like a similar triangle reversal. the subsequent action looks impulsive
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my sincerest congratulation and best wishes to the author for his kind initiative about enlighten others with the technical analysis knowldege
ReplyDeletemy sincerest congratulation and best wishes to the author for his kind initiative about enlighten others with the technical analysis knowldege
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