DXY: Potential Triple Zigzag Could Push Dollar Higher

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DXY seems to be forming the final leg of a cycle degree triple zigzag consisting of sub-waves w, x, y, x, z.

Wave Z of this triple zigzag formation reminds a standard zigzag pattern in which primary sub-waves  Ⓐ-Ⓑ and Ⓒ are likely to complete the higher degree structure. Ⓐ and Ⓑ look fully completed at the moment of writing, whereas wave Ⓒ  is currently under construction.dxy

Since wave Ⓒ in a zigzag can take a 5-wave impulse or an ending diagonal formation we could expect a short-term upside move in any of the two possible structures.

The upside potential could see bulls’ enthusiasm losing steam around 99.85.

 At that level, the primary wave Ⓒ will have reached the 161.8% Fibonacci extension of the impulse wave Ⓐ.

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