Possibly, more downside for the DXY.
The chart is telling us that the DXY has more further downside. Therefore, there is a high chance of continuing the bull run for risky assets like crypto and equities.
The graph shows my proposed labeling for the Dollar Index (DXY). Currently, I think we are finishing the C leg related to the correction of the 4th wave. Assume the DXY breaks with confidence the 82 points (0.704 Fibonacci level); this implies the continuation of the correction nearby the 78 - 75 points (based on the projection of the A corrective wave). If that's not the case, after breaking the ending diagonal (see image below), the downtrend will most likely finish somewhere in the yellow area (0.382 to the 0.618 Fibonacci levels from the start of the intermediate impulsive waves).
The graph shows my proposed labeling for the Dollar Index (DXY). Currently, I think we are finishing the C leg related to the correction of the 4th wave. Assume the DXY breaks with confidence the 82 points (0.704 Fibonacci level); this implies the continuation of the correction nearby the 78 - 75 points (based on the projection of the A corrective wave). If that's not the case, after breaking the ending diagonal (see image below), the downtrend will most likely finish somewhere in the yellow area (0.382 to the 0.618 Fibonacci levels from the start of the intermediate impulsive waves).
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