Updated

Macro DXY

DXY seems very bullish and likely to break the channel and approach to resistance R1. If R1 couldn't hold it, R2 will be next.
DXY is targeting $122 in next 2 years. SP500 could be bearish.

Note

Comment: On micro trend weekly chart, we see that wave 3 is almost done and shows a double divergence on RSI. Next we need to see if could hold $104 before coming to 5th wave.

Note

Looks like wave 5 inside of wave 3 is finished and heading to $104.

Note

Or just normal fifth wave targeting $117.6

Note

The extended fifth should be done here or could extend 1.618 which is $117.6

Note

Looks like an ending diagonal if DXY won't go beyond $117. If this plays out, we would see a flat correction because wave 2 was a zigzag. This correction might be bottomed at $101. Then we off to $122.

Note

Significant correction.

Note

It's building up. Just almost there.

Note

Finally, DXY breaks the trend.

Note

maybe wave 5 is truncated

Note

Today it reaches $113; almost there. We need to see $115 to complete this pattern and DXY might a correction soon for 2-3 months.

thienlovv

Related publications

Macro TA on SPY (Just Prediction)

by thienlovv

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.