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dxy elliott

DXY seems to be forming a bearish wave IV of a cycle degree, consisting of primary corrective sub-waves Ⓐ-Ⓑ-Ⓒ.

Wave Ⓐ is a 5-wave impulse, and  wave Ⓑ is an (A)-(B)-(C)-(D)-(E) triangle. Impulse wave Ⓒ is currently under development.

In the short term, we can expect prices to rise near 97.35 in wave (4). At that level, the pair will be at 38.2% of the Fibonacci extension of wave (3).

Afterward, the decline in the 5th wave could take us to wave ④’s low.

dxy

An alternative scenario suggests that the cycle degree wave IV is taking the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

Thus, in the short term, we can expect prices to rise in wave Ⓧ near 98.71. At that level, wave Ⓧ would be at 61.8% of  wave Ⓨ.

This could be followed by a bearish leg in wave Ⓩ near 135.80 and perhaps slightly below wave Ⓨ.

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