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dxy elliott

The DXY formation looks to be forming a standard a-b-c zigzag.

Currently, we see the structure of a cycle correction wave b. This took the form of a triple zigzag consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

In the short-term, we can expect prices to extend up to 97.82. This top was formed by the primary intervening wave Ⓧ.

dxy

An alternative scenario suggests an incomplete wave b. We are currently in the final wave Ⓩ, forming a simple zigzag which develops in the correction wave (B).

Its completion is expected near 94.30. At that level wave (B) will be at 38.2% along the Fibonacci lines of wave (A).

After the completion of the corrective move, we could expect the development of a bearish impulse in wave (C). At that level, wave Ⓩ will be at 88.6% of wave a, near the 90.08 area.

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