07 Jul

DXY Final Leg Of Triple Zigzag Underway

July 7, 2021

By Orbex

The current structure of the DXY suggests that we are in a correction wave IV of a cycle degree. Its formation is similar to a large triple Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ zigzag.

The first four parts of this zigzag have ended. Now the intermediate wave (Z) could complete the corrective move and with it the primary wave Ⓩ. This will require the completion of a sub-wave C of a minor degree to confirm the bullish move.

Thus, in the coming trading days, the impulse C is likely to develop to 94.16. At that level, wave Ⓩ will be at 123.6% of wave Ⓨ.

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If we look at the alternative scenario, we can see the completed cycle correction IV in the form of a double zigzag.

The fifth cycle wave is currently under construction, which has already completed the primary sub-waves ① and ②.

Thus, if this scenario is confirmed, the market could move lower along with the primary wave ③.

The end of this wave is likely near the level of 86.27, where it will be at 161.8% of primary impulse ①.

By Orbex


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