I agree with the analysis, though with a different approach. The price is above monthly pivot and monthly vwap as well. Here is the chart
Shunya0x
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@shettytushar, Plus the dollar recovered a bit on Friday but that doesn't make eliminate the bearishness of the dollar.
alexey-m
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it looks like this upward movement has irregular wave lengths, and the 5th wave might be over. new leg down might be a first wave to continue recently started downtrend.
renanc93
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@alexey_miroshnichenko, can you please show a chart picture with the 5 waves completed for a better understand?
AleXela
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@renanc93, i believe, Alexey means that 5 way would be longer then 3rd one (which would be irregular on the theory base). As you've shown on the upper graph - it needs to reach 1.618 fibo (1.432) in order to make the higher high. So, it's likely we are going down (through little correction). The other way your waves should be redrawn to 3rd wave to take somewhere to 1.618, which is still possible for the situation.