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DXY Bearish Wave (Y) Breaks $100!

DXY Bearish Wave (Y) Breaks $100!

Chart of DXY

The dollar index will form a triple zigzag over the long-term. This consists of primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. At the moment, the sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ look complete. The second intervening wave Ⓧ is a standard zigzag.

Most likely, the price drop in the primary wave Ⓩ will continue in the next coming days. According to the internal structure of this wave, it can be a double intermediate zigzag.

Near 96.364, the pattern will end. At that level, primary wave Ⓩ will be at 76.4% of wave Ⓨ.

Chart of DXY

Consider an alternative scenario, in which the triple zigzag of w-x y-x z is used to form a wave.

The structure of the wave z is similar to the zigzag Ⓐ-Ⓑ-Ⓒ. In its composition, the first impulse Ⓐ and the correction Ⓑ in the form of an intermediate double zigzag have ended. The entire wave z can end near 114.75, that is, at the maximum of the primary impulse wave Ⓐ.

However, for bulls the first target is 105.94 which was marked with the intermediate interstitial wave (X).

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