U.S. Dollar IndexShort
DXY - BEARISH OUTLOOK
ABC correction, whats tricky about an ABC correction is that it can be the beginning of a new major trend when you are looking at a DAILY timeframe. So here I believe we have opportunities to short DXY. Again fundamentally we have weak bonds, real estate values down 10%, consumer confidence may weaken due to US elections, tariff wars and rate cuts ahead my point to, don't be scared, a recession. Now realize we are in a bullish overall trend on the monthly, this ABC correction can certainly be the beginning to a new 12345 bullish cycle. In order to do that, price would have to come down to 50/61.8 or even extend to 78.6 before completing C. Either way, we are bearish for now.
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