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dxy elliott

The current DXY formation shows a 5-wave impulse consisting of cycle waves I-II-III-IV-V.

Wave IV looks complete as primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ have formed and most likely ended a triple zigzag pattern.

Now, markets are moving up in wave V. We can expect the final wave to reach at least the previous high of 103.00.

dxy

An alternative scenario suggests that wave Ⓩ of IV has not yet ended.

In this case, the markets are currently forming the final intermediate leg (A)-(B)-(C).

With waves (A) and (B) complete, we could see a decline in wave (C) near 98.39.

The target 98.39 is on the support trendline connecting waves (A) and (C) of Ⓨ.

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The post DXY Correction Looks Completed, What’s Next? appeared first on Orbex Forex Trading Blog.


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