DXY Descent Alert: Path to 102.800 - 102.280
Updated
Update on DXY's Movement:
The DXY has hit our projected targets in DXY Rebound Alert: Prepare for the 104-105 Swing and completed its last wave in a WXY pattern, with a truncated Y wave.
Following this, we've observed a downward trend, with the DXY breaking through the main price channel. We anticipate a decline from the current area to the Fibonacci levels of 0.5-0.618, positioning the index around 102.800 to 102.280.
Immediate Outlook:
A closer inspection of the monthly chart suggests a sideways movement within the 103.500 to 104.450 range until the end of February, after which we expect the DXY to descend towards our specified targets.
Next Steps After Target Achievement:
Once the DXY reaches our anticipated Fibonacci levels, the crucial question will arise: Is this descent indicative of a broader reversal, potentially driving the DXY below the 100 threshold, or is it a temporary retracement in anticipation of a subsequent rally that could propel the index above 107? This determination will be essential once we hit the specified target range, guiding our subsequent analysis and strategic approach.
Invalidation Point:
Our analysis would need reevaluation if the DXY breaks and closes above the monthly trend line. It's essential to wait for a retest of this break to confirm its validity. Such a development could alter the current outlook significantly, necessitating a strategic reassessment.
take a closer look on the 1M Frame chart below:
The DXY has hit our projected targets in DXY Rebound Alert: Prepare for the 104-105 Swing and completed its last wave in a WXY pattern, with a truncated Y wave.
Following this, we've observed a downward trend, with the DXY breaking through the main price channel. We anticipate a decline from the current area to the Fibonacci levels of 0.5-0.618, positioning the index around 102.800 to 102.280.
Immediate Outlook:
A closer inspection of the monthly chart suggests a sideways movement within the 103.500 to 104.450 range until the end of February, after which we expect the DXY to descend towards our specified targets.
Next Steps After Target Achievement:
Once the DXY reaches our anticipated Fibonacci levels, the crucial question will arise: Is this descent indicative of a broader reversal, potentially driving the DXY below the 100 threshold, or is it a temporary retracement in anticipation of a subsequent rally that could propel the index above 107? This determination will be essential once we hit the specified target range, guiding our subsequent analysis and strategic approach.
Invalidation Point:
Our analysis would need reevaluation if the DXY breaks and closes above the monthly trend line. It's essential to wait for a retest of this break to confirm its validity. Such a development could alter the current outlook significantly, necessitating a strategic reassessment.
take a closer look on the 1M Frame chart below:
Trade active
almost thereTrade closed: target reached
I didn't have time in the last two week, to make a deep analysis for DXY, but we are now in a gray area, so may we go up or fall down depend on the news tomorrow, but I think this what will happened.Note: This is not an analysis, it is just a prediction of the movement, I will post a new analysis in the next few days
Note
my last prediction was wrong and DXY going Bullish, 90 % we will go to a new Top, but let us see what will happened on the wave 5 targets, I will post a new Idea about the next moveNote
check my next Idea and give me your feedback.DXY's Final Leg: Charting the Course to 106
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