Dollar Index (DXY) is not out of the wood yet (Elliott Wave)
DXY has room to run higher. The Elliott wave pattern suggests we are in a third of a third higher [wave iii of (iii)]. If so, then DXY should continue a trend towards strength.
There is an orange trendline formed over calendar year 2020 in the way. Breaking above the orange trend line is a sign of strength.
Failure at the orange trend line or failure below 93.33 will bring into question this third of third wave (in Elliott wave speak...third of a third is typically the longest and strongest wave).
If DXY fails at the orange trend line, then we may have to consider this an A-B-C corrective bounce opening the door to new lows. (Alternate count)
There is an orange trendline formed over calendar year 2020 in the way. Breaking above the orange trend line is a sign of strength.
Failure at the orange trend line or failure below 93.33 will bring into question this third of third wave (in Elliott wave speak...third of a third is typically the longest and strongest wave).
If DXY fails at the orange trend line, then we may have to consider this an A-B-C corrective bounce opening the door to new lows. (Alternate count)
Nota
The breach of the red line at 93.33 leaves behind a three wave rise. This rise by many models suggests it was corrective and a retest of 91.75 may be on the horizon. This is a mature trend to the downside so be careful as a bullish reversal is lurching nearby.
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Penafian
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Test your Elliott Wave readiness.
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.