Update on DXY (June 24, 2021)
If you have been following my analyses on DXY, you know that I predicted wave 4 (correction to the upside) and wave the continuation for more downside for wave 5.
What we are witnessing now on DXY is the ABC correction, and as you can see, DXY finished wave A and wave B and now we are currently waiting for wave C to retest a certain level before continuing its way down since it is known that DXY is getting weaker and weaker from a fundamental perspective.
If we zoom a little bit on wave C, we can see that wave C finished 4 waves up and I expect wave 5 (of C) to reach 93.480 which is the 100% Fibonacci Extension and which is also the previous wave 4, and it is known that according to the Elliott Wave Principle that not breaking the previous wave 4 will give us an amazing opportunity to short the Dollar again and buy all major currencies and precious metals for new highs in 2021.
What we are witnessing now on DXY is the ABC correction, and as you can see, DXY finished wave A and wave B and now we are currently waiting for wave C to retest a certain level before continuing its way down since it is known that DXY is getting weaker and weaker from a fundamental perspective.
If we zoom a little bit on wave C, we can see that wave C finished 4 waves up and I expect wave 5 (of C) to reach 93.480 which is the 100% Fibonacci Extension and which is also the previous wave 4, and it is known that according to the Elliott Wave Principle that not breaking the previous wave 4 will give us an amazing opportunity to short the Dollar again and buy all major currencies and precious metals for new highs in 2021.
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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.