Elliott Wave projects a DXY sequence lower [Video]
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DXY (US Dollar) is showing 5 swings impulse Elliott wave sequence lower from the 3/08/2023 high, which ended at $101.415 low on 4/05/2023. Above there, it favors a corrective bounce in 3, 7 or 11 swings before downside resumes. DXY proposed ended (B) at $105.883 high on 3/08/2023. Below there, it placed ((i)) at $103.484 low & ((ii)) at $105.103 high. ((ii)) was 0.618 Fibonacci retracement of first leg. It placed ((iii)) at $101.915 low on 3/23/2023. It bounced off in ((iv)), which ended at $103.357 high on 3/24/2023. Finally, it ended ((v)) as diagonal sequence at $101.415 low on 4/05/2023 to finish wave 1. Above there, it favors a corrective bounce in wave 2, which should fail below (B) high to resume lower as the part of (C) leg, which confirms below February low.
Above wave 1 low, it placed (a) at $102.052 high & (b) at $101.755 low. It favors higher in (c) of ((w)) of wave 2. It placed i at $102.297 high, ii at $101.988 low & iii at $102.807 high. Below there, it favors pullback in iv before final leg higher in v to finish (c) as ((w)) within extreme areas. It may even ended ((w)) leg & correcting lower in ((x)) leg to retest the low before turning higher in wave ((y)) as the part of 2. Wave 2 bounce should fail in 7 or 11 swings from extreme areas in bearish sequence to resumes downside later in wave 3 of (C), which confirms below $101.415 low.
DXY 60 minute Elliott Wave chart
DXY Elliott Wave video
Author
Elliott Wave Forecast Team
ElliottWave-Forecast.com
