BIG RED BEAR is back in town and he's hungry for some pips!
Wave Count is suggesting that the USD could unfold a Minor 5 (red) leg.
Minute iii (red) started unfolding back on Dec 12th when I called the USD down-trend like a champ with this article: "FED December Rate Hike – DXY Technicals – Analysis".
Dollar Index ( DXY ) is finalizing the entire Corrective Structure which was tracked down in multiple insights:
"FED Rate - DXY Technicals - Ready for a Corrective"
"Dollar Index ( DXY ) – Correction – Minute IV"
"DAXY - Minor 5 - Final Leg"
"DXY Video - Minute 5 - End of Down-Trend"
"Dollar Index ( DXY ) - Completing the Correction like a Champ"
"Dollar Index ( DXY ) - Completing the Correction - Bull then Bear"
Dollar Index ( DXY ) looks like it's ready for the next BIG moves.
The Complex Corrective Structure is complete, with the entire WXY Pattern showing a possible Continuation, the Double Flat seems to complete with an and the Divergence.
In simple terms, the BIG RED BEAR is awake and hibernation is over. He is hungry and "pissed off".
I am expecting the USD to get trashed for one last time so the entire Cycle would complete.
This could make a difference and the Swings could be wild and Aggressive.
Even so, the move on the up-side seems to have stopped at the 61.8% Fibs with an indication for a possible H&S Pattern.
So far the Corrective Structure is labeled as a Double Three (WXY) in Minute IV (red).
This NFP is more difficult than usual because the structure can still allow one more Bullish Swing as well, transcending into a Triple Three (WXYXZ). This Structure is very rare but not excluded in this time of decisive moment.
DXY is still Bearish, either the NFP results would push the USD to 87.30 or the fall could be delayed, after 91.40 would be tagged.
All trades were moved to BE, waiting for the results.
If NFP data is red, then there's nothing left to do as the trades will continue being green. If NFP is green, then trades will be stopped at BE and new entries will be posted, on higher probability, as this would be the last swing on the up-side for DXY within the overall structure.
Trade with care & many pips ahead!