A highly probable (1) (2) setup for DXY
I still believe the run for DXY is not over yet. I was pondering over the chart of DXY over the weekend . And an alternate count for DXY is labelled over the double running three count I posted on Mar 4. As depicted in the chart, a leading diagonal is formed as (1) follow by an irregular (expanded) flat correction as (2). DXY is now in the formation of 'c' wave of (2). The question is how far this 'c' wave will extend.
It has already reached the 0.618 retracement of wave (1) at 103.598 and I will consider this as a reasonable retracement level for wave (2). It can, however, retrace to the 0.382 level of wave (2) at 102.533. Digging in closely, the 0.618 retracement level coincides with the wave 4 of wave (1), and 0.382 retracement level, with the wave 2 of wave (1) ; the target range of wave (2) often lies within the smaller degree wave 2 and 4 of wave (1).
'c' of wave (2) has reached the minimum level of 103.598 and it could extend down further to 102.533. If not, we could see an impulsive wave (3) on the way soon.
It has already reached the 0.618 retracement of wave (1) at 103.598 and I will consider this as a reasonable retracement level for wave (2). It can, however, retrace to the 0.382 level of wave (2) at 102.533. Digging in closely, the 0.618 retracement level coincides with the wave 4 of wave (1), and 0.382 retracement level, with the wave 2 of wave (1) ; the target range of wave (2) often lies within the smaller degree wave 2 and 4 of wave (1).
'c' of wave (2) has reached the minimum level of 103.598 and it could extend down further to 102.533. If not, we could see an impulsive wave (3) on the way soon.
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