My primary scenario is a correction. The current wave structure suggests the completion of an motive wave forming an ‘ending diagonal.’ After testing the 0.618 Fibonacci retracement zone, the market shows signs of a downturn. If the index settles below the nearest support (around 107), a deeper pullback toward 105 and lower becomes possible.
The alternative scenario is a breakout to the upside. The area around 110 serves as the key invalidation level for this scenario: a decisive break above 110 would indicate the potential for renewed growth.
Overall, the outlook points to a high likelihood of a correction. However, if the price breaks above 110, the bullish scenario regains relevance.
DXY DXY DXY
The alternative scenario is a breakout to the upside. The area around 110 serves as the key invalidation level for this scenario: a decisive break above 110 would indicate the potential for renewed growth.
Overall, the outlook points to a high likelihood of a correction. However, if the price breaks above 110, the bullish scenario regains relevance.
DXY DXY DXY Trade active
Trade closed: target reached
target reached. let's see what happens next
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.