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DXY Primary Wave Ⓩ Confirms Triple Combination

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Chart of DXY

DXY is forming a triple zigzag pattern Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. It seems that sub-waves  Ⓦ-Ⓧ-Ⓨ-Ⓧ have already ended. The actionary wave Ⓨ is a double zigzag and the intervening wave Ⓧ is a standard zigzag.

In the near future, the price depreciation in the primary wave Ⓩ is expected to continue. It is still difficult to say what kind of correction model it will take.

The price could fall to 97.786. At that level, wave Ⓩ will be at the 61.8% Fibonacci extension of wave Ⓨ.

Chart of DXY

The second scenario suggests the construction of a bullish corrective triple zigzag w-x-y-x-z.

The final wave z could take the form of a zigzag Ⓐ-Ⓑ-Ⓒ. The first impulse wave Ⓐ and the correction wave Ⓑ in the form of an intermediate double zigzag have ended.

The entire wave z could end near 115.92. At that level, it will be at the 76.4% Fibonacci extension of wave y. An approximate scheme of possible future movement is shown on the chart.

 

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