Forex Trading Library
EUR
$1.04
(+0.62%)
GBP
$1.22
(-0.42%)
AUD
$0.69
(-0.45%)
JPY
$0.01
(-0.78%)
TRY
$0.06
(+0.34%)
INR
$0.01
(+0.11%)
SGD
$0.72
(+0.07%)
MYR
$0.23
(+0.18%)
JOD
$1.41
(0%)
KWD
$3.26
(+0.02%)
SAR
$0.27
(-0.01%)
AED
$0.27
(-0%)
QAR
$0.27
(-0.1%)
OMR
$2.60
(+0.02%)
EGP
$0.05
(-0.08%)

DXY: Triple ZigZag Pattern Could Complete Cycle Correction

0 2,974

The DXY formation hints at a cycle correction b, which takes the form of a triple Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ zigzag.

The final wave of the triple zigzag is an intermediate (A)-(B)-(C) zigzag.

It is likely that minor correction wave 4 is close to completion at the 90.71 area. At that level, correction 4 will be at 38.2% of impulse 3.

Prices are could decline within impulse wave 5 near 88.23. This will be at the 61.8% Fibonacci extension of small impulse wave 3.

dxy

An alternative scenario indicates a fully formed cycle correction b.

Thus, in the medium term, we expect an increase in prices and the formation of a new bullish trend. A new cycle degree wave c could form an impulse or an ending diagonal.

In the next coming trading days, bullish growth is expected above the maximum formed by the second-minute wave, above 92.79.

Have you been testing your strategy on a Demo Account? Sign up now and begin practicing!

Leave A Reply

Your email address will not be published.