Dollar index DXY - Prepare for a downtrend! + Full Elliott Wave
Updated
- On the daily chart we have 2 parallel channels that indicate 2 impulse Elliott Waves.
- As per my Elliott Wave analysis, this huge impulse wave has been completed and now we should go sideways or down!
- The first trendline is breaking out, and usually that means that other trendlines will break too.
- The first target is at wave 4 + 0.382 FIB + parallel channel retest.
- In my opinion, DXY has completed a significant uptrend and is now poised for consolidation (range).
- Look at my ideas about GOLD, EURUSD and Bitcoin in the related section down below.
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Note
On the monthly chart, we have a shooting star candle! This indicates that this trend could be over.
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