Elliott Wave view: Dollar Index (DXY) should see further strength [Video]
|Short term Elliott Wave view suggests the USDX is correcting cycle from 9.28.2022 high in an expanded flat structure. Down from 9.28.2022 high, wave (A) ended at 100.82 and wave (B) is still ending a flat correction higher. Up from 100.82 wave A ended at 105.88. Then we saw 3 swings lower to end wave B at 99.58 and after that, the index rallied in wave C of (B). The dollar should be near to end wave (B) where market will turn lower in wave (C).
1 hour chart below shows wave ((iii)) of C ended at 105.43 high. Down from wave ((iii)), wave (a) ended at 104.82 and pullback in wave (b) ended at 105.25. Final leg higher wave (c) ended at 104.66 which completed wave ((iv)). Dollar index has resumed higher in wave ((v)). Currently, it is still developing wave (i) and once completed, the dollar should see 3, 7 or 11 swings lower to finish wave (ii) and rally again in wave (iii) of ((v)). The view is valid as stays above 104.66 low. A break below this level, open the possibility that wave ((v)) is ended and therefore wave C of (B).
USDX 60 minutes Elliott Wave chart
USDX Elliott Wave video
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.