Forex Trading Library

DXY Cycle Triple Zigzag Pushes Prices Higher

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The internal DXY structure hints at the development of a large triple zigzag w-x-y-x-z of the cycle degree.

At the time of writing, a cycle actionary wave z is under construction. The internal structure of the wave z suggests a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The final primary wave Ⓩ can take the form of a double zigzag (W)-(X)-(Y) of the intermediate degree.

Bulls can continue to push the price higher to the level of 106.57. At that level, wave z will be at 161.8% of previous actionary wave y.

Alternatively, it is assumed that the cycle actionary wave y was extended, and at the time of writing it has come to its end. It has the form of a primary triple zigzag.

Thus, if this option is confirmed, in the near future the market will move lower and build a cycle intervening wave x. It is similar to the primary zigzag Ⓐ-Ⓑ-Ⓒ.

It is possible that the price will fall to 99.11, as indicated on the chart. At that level, wave x will be at 38.2% of wave y.

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