U.S. Dollar IndexShort
DXY short: Is USD strength coming to an end?
In this chart, I plotted the potential Elliott Wave counts. But I need to point out the few things that I don't like about this count first:
1. Wave 1 down seemed too short to be supporting such a huge triple combination correction.
2. Wave 1 end is not the lowest point. The lowest point being end of first X wave (I can't find a way to force a 5-wave counts such that first wave ends on the first X wave simply because W-X is clearly a 3-wave. The best I can do is to have a 5-waves down that ends at first green a but that makes the subsequent corrective structure ugly.)
In any case, this is now a low risk short. Stop above recent high. The next potential short is where the upper trendline is.
1. Wave 1 down seemed too short to be supporting such a huge triple combination correction.
2. Wave 1 end is not the lowest point. The lowest point being end of first X wave (I can't find a way to force a 5-wave counts such that first wave ends on the first X wave simply because W-X is clearly a 3-wave. The best I can do is to have a 5-waves down that ends at first green a but that makes the subsequent corrective structure ugly.)
In any case, this is now a low risk short. Stop above recent high. The next potential short is where the upper trendline is.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.