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dxy 1h

The depicted DXY structure above hints to a w-x-y combination in which the final y wave is still under development.

Wave y consists of primary sub-waves Ⓐ-Ⓑ-Ⓒ and unrolls in a zigzag pattern.

At this stage, we are expecting the completion of the final part of the correction wave Ⓑ.

The 97.92 level could conclude wave Ⓑ. At that area, minor impulse 5 will be at the 78.6% of the minor impulse 3.

An alternative scenario should be considered, as shown above. This pattern assumes that the primary wave Ⓑ is completed.

If this hypothesis is correct, we could expect a bearish impulse wave Ⓒ near 96.21. The target would respect the tenancy of prices reaching the 0.786 Fibonacci retracement of the wave Ⓐ.

The post DXY: Should We Expect The Final Correction Leg? appeared first on Orbex Forex Trading Blog.


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