08 Mar

DXY Has The Actionary Wave Y Ended?

March 8, 2022

By Orbex

DXY

The structure of the DXY index suggests the development of a large triple w-x-y-x-z zigzag of the cycle degree.

At the level of 94.593, the construction of the cycle intervening wave x possibly ended. This is a triple zigzag marked with sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ of the primary degree.

At the time of writing, a cycle actionary wave z is under construction. The internal structure of the wave z assumes a double Ⓦ-Ⓧ-Ⓨ zigzag. The first two parts of the double zigzag look fully complete. The primary wave Ⓨ is still under development, and it takes the form of a double zigzag (W)-(X)-(Y) of the intermediate degree.

The bulls could continue to push the price to the level of 100.276. At that level, wave z will be at 76.4% of the previous actionary wave y.

Free Reports:

Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter





Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.




DXY

In the second scenario, the cycle actionary wave y is a primary triple zigzag.

Following wave y, prices are likely to lower and will begin to build a cycle intervening wave x.

It is possible that the price will fall to the 95.664 area, as indicated on the chart. At that level, wave x will be at 38.2% of wave y.

Test your strategy on how the US dollar index will fare with Orbex – Open your account now.

Orbex-LogoArticle by Orbex

Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com


investmacro products link




Financial News Forex and Currency News