DXY Bulls Are Pushing The Price To The 94.97 Area

By Orbex

The formation of the DXY stock index suggests a correction wave b of a cycle degree. Perhaps it takes the form of a simple Ⓐ-Ⓑ-Ⓒ zigzag of the primary degree.

The final primary wave Ⓒ is currently under construction. In fact, the wave takes the form of an impulse and consists of intermediate sub-waves (1)-(2)-(3)-(4)-(5)

Most likely, the minor correction 4 in the form of a triple zigzag, which is part of the bullish impulse (5), has recently come to an end.

In the near future, we could expect an increase in the minute impulse, as shown on the chart. This can complete the minor fifth wave and with it the intermediate impulse (5) near 94.97.

At that level, minor sub-wave 5 will be at 76.4% of minor sub-wave 3.

According to the alternative take, the correction wave 4 may not have ended. If the assumption is correct, then now we see only the construction of a minute correction ⓧ. This assumes the form of a simple bullish (a)-(b)-(c) zigzag.

The sub-waves (a) and (b) in this correction have ended, whereas the impulse (c) is still being formed. In impulse (c) the price could rise and then lower to the 93.16 area as shown on the chart.

Article by Orbex

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