Elliott Wave forecast and Fib golden level 61.8% at it's best on DXY. We are printing the end of wave 5 and now expecting a retrace of first 5 impluse move. This chart is a classic beauty. check it out on Weekly time frame, right down to the 4H frame.
Comment:
Week of 8/18/2023 has ended with a spinning top candlestick so there is indecision as of Friday 8/18/23. We are more likely to go down next week
Comment:
I'm still counting an extension of wave 5 on DXY with another indecision candlestick as of Friday 8/25/23.
Comment:
I learned something interesting today (8/28/23), so EURUSD is the inverse of the DXY. Now since EURUSD has found some form of a bottom, I am assuming that DXY has also found it's top. I will observe by week's end if this comparison is accurate.
Comment:
As of Friday 9/1/23 DXY finished up the week with a nice hanging man candlestick. Next we wait for a confirmation when price closes below the body of the candlestick (104.176) next week.
Comment:
So DXY has broken jail by closing above the 50 MA on weekly charts and seems to be on a bullish run now. indicators are flashing in the overbought zone (strength) so expect it to go higher after every pullback.
The beauty of Wave theory is that you know when you're wrong much sooner and minimize your losses. Next resistance target is at 105.5
The beauty of Wave theory is that you know when you're wrong much sooner and minimize your losses. Next resistance target is at 105.5