In the long run, DXY seems to be forming a bullish 5-wave impulse. It consists of cycle degree waves I-II-III-IV-V.
Currently, a corrective wave IV is under construction. The wave is a triple combo Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The complex pattern could see an end after primary wave Ⓩ is complete.
We expect prices to decline in wave (C) near 94.77. At the said level, wave Ⓩ will be at 161.8% of wave Ⓨ.
An alternative scenario suggests a complete correction in cycle wave IV. It is a standard zigzag consisting of three primary sub-waves Ⓐ-Ⓑ-Ⓒ.
We expect markets to move up in the near future, forming the final wave V.
We could see the completion of this wave near the 102.95 area or higher. This level is the previous high registered by cycle wave III.
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