Elliott Wave: a potential Zigzag in DXY
Updated
The DXY seems formed a Leading Diagonal after bottomed at 2021/1/6 with a 3 waves decline (Zigzag) followed by it,
therefore expecting another 5 waves going up to complete a larger degree Wave C (or a Wave 3)
Now the price has reached the level of 618 of the Leading Diagonal,
let's see what will happen in the following weeks
therefore expecting another 5 waves going up to complete a larger degree Wave C (or a Wave 3)
Now the price has reached the level of 618 of the Leading Diagonal,
let's see what will happen in the following weeks
Comment
The price still going down, not changing my overall view at this momentComment
The price breaks above the ending point of wave (iv) and the descending trend line, stronger evidence suggested that down trend has endedComment
The price continues to go lower, but still, the overall view remains unchangedComment
If this is correct, the DXY should go up sharplyDisclaimer
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