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.
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 Ⓐ.