Elliott Wave View:
Large correction marked as Wave 4 in progress.
Inside it, a (A)-(B)-(C) zigzag structure is unfolding.
We’re currently in a sub-Wave B of C, expecting a short dip before a bullish move into the 104.80–105.60 supply zone (red box).
Invalidation level sits at 108.247, confirming the correction is valid below that.
2. Price Levels & Zones:
Strong support zone around 101.50–102.00, projected as a potential base for the next leg up (Wave C).
Resistance (target) is clearly the red supply zone near 105.
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Correlation with EUR/USD Chart:
If DXY is expected to rise in its Wave C, then EUR/USD should fall (as seen in your earlier chart).
Your EUR/USD analysis targets the 1.06924 demand zone — this lines up perfectly with DXY's Wave C rise.
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Trading Plan for DXY (or correlation play):
If trading DXY directly (if possible via CFDs):
Buy setup: Wait for minor correction (Wave B) to bottom around 101.80–102.00.
Entry: Near support with confirmation candle.
Target: Red zone 104.80–105.60.
SL: Below 101.50.
For EUR/USD traders:
Watch for EUR/USD Wave B to complete.
Once DXY starts impulsing up (Wave C), EUR/USD will likely drop hard.
That’s your sell opportunity on EUR/USD, aligned with DXY strength.
Large correction marked as Wave 4 in progress.
Inside it, a (A)-(B)-(C) zigzag structure is unfolding.
We’re currently in a sub-Wave B of C, expecting a short dip before a bullish move into the 104.80–105.60 supply zone (red box).
Invalidation level sits at 108.247, confirming the correction is valid below that.
2. Price Levels & Zones:
Strong support zone around 101.50–102.00, projected as a potential base for the next leg up (Wave C).
Resistance (target) is clearly the red supply zone near 105.
---
Correlation with EUR/USD Chart:
If DXY is expected to rise in its Wave C, then EUR/USD should fall (as seen in your earlier chart).
Your EUR/USD analysis targets the 1.06924 demand zone — this lines up perfectly with DXY's Wave C rise.
---
Trading Plan for DXY (or correlation play):
If trading DXY directly (if possible via CFDs):
Buy setup: Wait for minor correction (Wave B) to bottom around 101.80–102.00.
Entry: Near support with confirmation candle.
Target: Red zone 104.80–105.60.
SL: Below 101.50.
For EUR/USD traders:
Watch for EUR/USD Wave B to complete.
Once DXY starts impulsing up (Wave C), EUR/USD will likely drop hard.
That’s your sell opportunity on EUR/USD, aligned with DXY strength.
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.
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.