DXY - Forex Majors | Elliott Wave Patterns | November 2019
Updated
The Dollar Index (DXY) indeed formed the Ending Diagonal and then breached through, leading towards an official entry into bearish territory.
This gave all other major currencies the opportunity to counter the dollar's weakness, thus recovering an important part of their previous losses.
October has been mostly bearish for the USD, with a bearish sequence continuing throughout the month.
Along with the start of November, came the USD's corrective sequence, which is still developing, but about to complete.
In simple terms, the Forex Majors have reacted against the USD, and now, after unfolding the corrective patterns, seem to be getting ready to continue.
DXY - Elliott Wave Technical Analysis
Structure & Degree: Intermediate Degree (A)(B)(C) (red) sequence
- Intermediate (A) (red): 3-swings sequence in Minors ABC (blue)
- Intermediate (B) (red): Complex Double Three in Minors WXY (purple)
Double Three Structure:
- Simple Flat in Minor W (purple)
- Complex Flat in Minor X (purple)
- Zig-Zag in Minor Y (purple)
Current Position & Pattern:
- Ending Diagonal in Minute C (blue), final wave of Minor Y (purple)
Expected Swing:
- Intermediate (C) (red), Bearish Impulse
Technicals & Confirmations:
- 61.8 or 78.6% Fibonacci Retracements of Intermediate (A) (red)
- 200% or 261.8% Fibonacci Extensions of Minors W & X (purple)
- Bearish Divergence at Resistance
- Bearish Harmonic Structure
This gave all other major currencies the opportunity to counter the dollar's weakness, thus recovering an important part of their previous losses.
October has been mostly bearish for the USD, with a bearish sequence continuing throughout the month.
Along with the start of November, came the USD's corrective sequence, which is still developing, but about to complete.
In simple terms, the Forex Majors have reacted against the USD, and now, after unfolding the corrective patterns, seem to be getting ready to continue.
DXY - Elliott Wave Technical Analysis
Structure & Degree: Intermediate Degree (A)(B)(C) (red) sequence
- Intermediate (A) (red): 3-swings sequence in Minors ABC (blue)
- Intermediate (B) (red): Complex Double Three in Minors WXY (purple)
Double Three Structure:
- Simple Flat in Minor W (purple)
- Complex Flat in Minor X (purple)
- Zig-Zag in Minor Y (purple)
Current Position & Pattern:
- Ending Diagonal in Minute C (blue), final wave of Minor Y (purple)
Expected Swing:
- Intermediate (C) (red), Bearish Impulse
Technicals & Confirmations:
- 61.8 or 78.6% Fibonacci Retracements of Intermediate (A) (red)
- 200% or 261.8% Fibonacci Extensions of Minors W & X (purple)
- Bearish Divergence at Resistance
- Bearish Harmonic Structure
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