By Orbex
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.
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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.
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Article by Orbex
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