The macro economy doesn't look very bright right now. Despite what many people hope I doubt the war between Russia and Ukraine will be over soon.
The high gas and electricity prices while drive the euro far more downwards.
With 5 waves going up in the bigger picture it's only natural to come down in an ABC.
However, it seems very complex, but measured by fibs this seems a fair outcome.
If you assess the first 5 waves as a leading diag it's very comon to go down to at least the .618.
It happens to be at the hight of the bigger wave 4 which is also pretty comon.
If we do go lower I assume it will take more time since the downtrend has been in the white channel most of the time.
However, the DXY is very concerning to me with the above idea.
It seems the DXY is nearing a top... And many people projected this.
But is it really?
With all that is happening now everything seems possible.
A higher dollar is problematic for other countries though, but we'll see.
The high gas and electricity prices while drive the euro far more downwards.
With 5 waves going up in the bigger picture it's only natural to come down in an ABC.
However, it seems very complex, but measured by fibs this seems a fair outcome.
If you assess the first 5 waves as a leading diag it's very comon to go down to at least the .618.
It happens to be at the hight of the bigger wave 4 which is also pretty comon.
If we do go lower I assume it will take more time since the downtrend has been in the white channel most of the time.
However, the DXY is very concerning to me with the above idea.
It seems the DXY is nearing a top... And many people projected this.
But is it really?
With all that is happening now everything seems possible.
A higher dollar is problematic for other countries though, but we'll see.