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dxy elliott

The DXY formation hints at a cycle correction b, which takes the form of a triple Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ zigzag.

The final wave of the triple zigzag is an intermediate (A)-(B)-(C) zigzag.

It is likely that minor correction wave 4 is close to completion at the 90.71 area. At that level, correction 4 will be at 38.2% of impulse 3.

Prices are could decline within impulse wave 5 near 88.23. This will be at the 61.8% Fibonacci extension of small impulse wave 3.

dxy

An alternative scenario indicates a fully formed cycle correction b.

Thus, in the medium term, we expect an increase in prices and the formation of a new bullish trend. A new cycle degree wave c could form an impulse or an ending diagonal.

In the next coming trading days, bullish growth is expected above the maximum formed by the second-minute wave, above 92.79.

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