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U.S. Dollar Index

Macro DXY

By thienlovv
Updated
DXY seems very bullish and likely to break the channel and approach to resistance R1. If R1 couldn't hold it, R2 will be next.
DXY is targeting $122 in next 2 years. SP500 could be bearish.
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Comment: On micro trend weekly chart, we see that wave 3 is almost done and shows a double divergence on RSI. Next we need to see if could hold $104 before coming to 5th wave.
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Looks like wave 5 inside of wave 3 is finished and heading to $104.
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Or just normal fifth wave targeting $117.6
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The extended fifth should be done here or could extend 1.618 which is $117.6
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Looks like an ending diagonal if DXY won't go beyond $117. If this plays out, we would see a flat correction because wave 2 was a zigzag. This correction might be bottomed at $101. Then we off to $122.
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Significant correction.
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It's building up. Just almost there.
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Finally, DXY breaks the trend.
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maybe wave 5 is truncated
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Today it reaches $113; almost there. We need to see $115 to complete this pattern and DXY might a correction soon for 2-3 months.
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Chart PatternsDXYTrend AnalysisWave Analysis

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