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Elliottwave-Forecast

Elliottwave-Forecast

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DXY Dollar Index Elliott Wave View: Turning Lower

DXY Dollar Index Short Term Elliott Wave view suggests that the decline from 8/16 peak is unfolding as an Ending Diagonal Elliott Wave structure. Down from 8/16 high, Minor wave 1 ended at 91.62 and Minor wave 2 ended at 93.347. Minor wave 3 is unfolding as a double three Elliottwave structure. Minute wave ((w)) of 3 ended at 91.01 and Minute wave ((x)) of 3 is proposed complete at 92.08. While bounces stay below 92.08, but more importantly below 8/31 high at 93.36, Index should resume lower or at least pullback in 3 waves. If the Index breaks above 92.08, then cycle from 8/16 high has likely ended. In that case, Index should correct larger degree cycle from 8/16 high in 7 swing before the decline resumes provided pivot at 92.08 stays intact. We don’t like buying the Dollar Index.

DXY 1 Hour Elliott Wave Chart

(Click to enlarge)

Ending Diagonal is an Elliott wave structure that typically happens inside wave 5 of an impulse or inside wave C of a zigzag. Ending Diagonal has 5 waves subdivision and each wave is further subdivided into 3 waves. Thus Ending Diagonal has the structure of 3-3-3-3-3. When Ending Diagonal happens within wave 5, the internal wave 1 of 5 and wave 4 of 5 can overlap. The Ending diagonal also often forms a wedge shape.

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