Elliott Wave: a potential Zigzag in DXY
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
Note
The price still going down, not changing my overall view at this momentNote
The price breaks above the ending point of wave (iv) and the descending trend line, stronger evidence suggested that down trend has endedNote
The price continues to go lower, but still, the overall view remains unchangedNote
If this is correct, the DXY should go up sharply
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Disclaimer
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.