Forex Trading Library
EUR
$1.04
(+0.12%)
GBP
$1.20
(+1.25%)
AUD
$0.68
(+1.65%)
JPY
$0.01
(-0.41%)
TRY
$0.06
(+0.42%)
INR
$0.01
(-0.17%)
SGD
$0.72
(+0.26%)
MYR
$0.23
(-0.01%)
JOD
$1.41
(-0%)
KWD
$3.26
(+0.04%)
SAR
$0.27
(+0.02%)
AED
$0.27
(0%)
QAR
$0.27
(-0.05%)
OMR
$2.60
(-0.03%)
EGP
$0.05
(+0.01%)

DXY Correction IV a Double Zigzag Or a Flat?

0 2,542

The DXY index is currently building a cycle trend in the form of a bearish 5-wave impulse.

The first three parts of this impulse have ended, whereas the corrective leg IV is still under construction. Judging by the structure, it is a bullish double zigzag, which now includes an intermediate impulse (C).

We could expect the final leg of the mentioned impulse near 92.09. At that level, actionary sub-waves Ⓦ and Ⓨ of the primary degree will be equal.

Finally, bears will lead the market in a cycle wave V below the low of 89.22, marked by impulse III.

dxy

An alternative scenario hints at the cycle correction IV having a horizontal flatⒶ-Ⓑ-Ⓒ structure.

In the next coming trading days, we expect the development of a bearish wave V of the cycle degree, which can be completed near the 87.27 area.

At that level, wave V will be at 38.2% of impulse III.

Got your risk management sorted? Open your account now!

Leave A Reply

Your email address will not be published.