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Hi Traders, here is my analysis for the US Dollar (DXY).
In my earlier post on the weekly analysis you would identify where we are in what appears to be the corrective 4th wave of the super cycle for the dollar, and I was anticipating a further movement lower to complete the cycle.
Observing the daily timeframe we can see where price has formed a downtrend channel and has created 3 primary waves based on the Elliot Wave Principles. My expectation is to see the market test the daily 38.2 fib (from the start of this down channel). From here we can observe how the market reacts. Will we get another push to the downside to complete the full cycle thus creating wave 5?
Will the dollar pick up strength and continue on a strong Rally?
Only time will tell, however, for now, I am still holding a short bias on the dollar, with a SHORT TERM Long into that 38.2 Fib.
I've labeled the areas based on what I will be anticipating.
Like and Comment your thoughts . All feedbacks are welcomed.
Add this to your watchlist and see how it unfolds.
Hi Traders, here is my analysis for the US Dollar (DXY).
In my earlier post on the weekly analysis you would identify where we are in what appears to be the corrective 4th wave of the super cycle for the dollar, and I was anticipating a further movement lower to complete the cycle.
Observing the daily timeframe we can see where price has formed a downtrend channel and has created 3 primary waves based on the Elliot Wave Principles. My expectation is to see the market test the daily 38.2 fib (from the start of this down channel). From here we can observe how the market reacts. Will we get another push to the downside to complete the full cycle thus creating wave 5?
Will the dollar pick up strength and continue on a strong Rally?
Only time will tell, however, for now, I am still holding a short bias on the dollar, with a SHORT TERM Long into that 38.2 Fib.
I've labeled the areas based on what I will be anticipating.
Like and Comment your thoughts . All feedbacks are welcomed.
Add this to your watchlist and see how it unfolds.