U.S. Dollar Index

Short

$DXY Flat before #ElectionDay

is looking it wants to bottom.

These are the elements in favors of bulls:

A recent bullish divergence on the RSI indicator.
The RSI has found support on 40 level
The RSI divergence perfectly matches the end of a bearish Wave5
The Bullish Wave 2 has been triggered and marked a low signaled by S34 and A55 exhaustion points

However, there are still some things in favors of bears:

The bearish countdown which started on SU9 (Aug 6) is not over (bar 7/13)
To complete this countdown, DXY needs to close back near the bearish Wave 3 target (@92)
A potential bearish wave 2 is also in progress
TDST Resistance has not been breached yet

To get a clear direction, we will probably have to wait for the results of the elections.
IF closes above @94.5 a bullish wave 3 should be favored with a first target near 96
Otherwise, a further decline remains likely, with a bearish wave 3 target near @92

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⬛ Access to MATHR3E Indicators 📈🔓:
⬛ patreon.com/MATHR3E/

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Also on:

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.