Forex Trading Library
EUR
$1.04
(+0.07%)
GBP
$1.22
(+0.2%)
AUD
$0.69
(+0.09%)
JPY
$0.01
(-0.09%)
TRY
$0.06
(+0.56%)
INR
$0.01
(+0.48%)
SGD
$0.72
(+0.24%)
MYR
$0.23
(0%)
JOD
$1.41
(0%)
KWD
$3.26
(+0.02%)
SAR
$0.27
(0%)
AED
$0.27
(0%)
QAR
$0.27
(0%)
OMR
$2.60
(+0.02%)
EGP
$0.05
(-0.13%)

DXY: Has the Cycle Correction Ended?

0 1,602

DXY seems to be forming a cycle correction IV. It is a primary triple zigzag and consists of sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

Since April, the market has been moving downwards as part of the second intervening wave Ⓧ, which has a complex triple zigzag formation. It looks like this pattern is fully complete.

Thus, in the short term, the price could start to rise. This would see the formation of a bullish wave Ⓩ of the primary degree.

The completion of the wave Ⓩ is possible near 93.42. At that level, it will be at 100% of wave Ⓨ, and also at the same level the primary wave Ⓨ was completed.

dxy elliott

According to the alternative, the cycle correction IV could have completed earlier. This took the form of a primary double zigzag.

After its completion, we saw an impulsive decline and development of sub-waves ① and ② of the primary degree. At present, it seems that a primary wave ③ is under development, which can take the form of an intermediate impulse (1)-(2)-(3)-(4)-(5).

The end of the wave ③ is possible near 86.43. At that level, it will be at 161.8% of first primary impulse.

Got your risk management sorted? Open your account now!

Leave A Reply

Your email address will not be published.