Tue, Mar 21, 2023 @ 01:36 GMT
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DXY Elliott Wave View: Pullback An Opportunity For Bulls

Short term Elliott Wave view in DXY suggests that the rally from March 09, 2020 low is unfolding as an Elliott wave impulse structure. And shows a higher high sequence in higher time frame charts favoring more upside. While the initial rally to $98.81 high ended wave (1) in lesser degree 5 wave structure. Down from there, wave (2) pullback ended at $97.45 low. The internals of that pullback unfolded as Elliott wave zigzag structure where wave A ended at $97.64 low. Wave B bounce ended at $98.38 high and wave C ended at $97.45 low.

Up from there, the index rallied higher in another 5 waves impulse structure within wave (3). Whereas wave 1 ended at $98.44 high, wave 2 ended at $97.95, wave 3 ended in another lesser degree 5 waves at $102.37 high. Wave 4 ended at $101.54 and wave 5 ended at $102.99 high. Below from there, the index is doing a short term pullback against March 16, 2020 low ( $97.45) in 3 or 7 swings before last push higher in wave (5) within the rally from March 09, 2020, can be seen. Afterward, the index is expected to do a pullback against March 09, 2020, low & should provide an opportunity to buy the index again in 3 or 7 swings. Near-term, as far as the pivot from $97.45 low stays intact expect the index to extend higher. We don’t like selling it.

DXY 1 Hour Elliott Wave Chart

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