DXY: Upper 70s to 80 Likely Late Q1 2021
Hello traders,
The dollar has completed a 12345, A and B over the past 10 years (dating back to roughly mid 2011). The "B wave bounce top" was the Coronavirus temporary deflationary period, and now the dollar will continue to undergo a sharp C wave impulse down to 77.5-78 (or around 80) by sometime in February, March or April of 2021.
This is not to say the dollar will go down everyday - or every week - but rather, this is certainly the start of prolonged weakness in the dollar and Gold and Silver will indeed have a furious Wave 1 impulse in Q1 2021 (currently, Gold and Silver are gearing up for a Wave 5 therefore it will take time for both to complete a Wave 5 then an ABC before an ultimate sharp Wave 1 in an entirely new cycle).
Normally, C-wave corrections (like that unfolding in the dollar), typically have a similar angle of inclination (or in this case declination) of that to Wave 3. Therefore, the C wave impulse downwards could be quite voracious and sharp as we move through the end of this year and into the start of 2021.
There is easily a possibility for the dollar to re-test 94 or even 95, however, any bounce will ultimately be short-lived.
-zSplit
The dollar has completed a 12345, A and B over the past 10 years (dating back to roughly mid 2011). The "B wave bounce top" was the Coronavirus temporary deflationary period, and now the dollar will continue to undergo a sharp C wave impulse down to 77.5-78 (or around 80) by sometime in February, March or April of 2021.
This is not to say the dollar will go down everyday - or every week - but rather, this is certainly the start of prolonged weakness in the dollar and Gold and Silver will indeed have a furious Wave 1 impulse in Q1 2021 (currently, Gold and Silver are gearing up for a Wave 5 therefore it will take time for both to complete a Wave 5 then an ABC before an ultimate sharp Wave 1 in an entirely new cycle).
Normally, C-wave corrections (like that unfolding in the dollar), typically have a similar angle of inclination (or in this case declination) of that to Wave 3. Therefore, the C wave impulse downwards could be quite voracious and sharp as we move through the end of this year and into the start of 2021.
There is easily a possibility for the dollar to re-test 94 or even 95, however, any bounce will ultimately be short-lived.
-zSplit
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