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DXY ELLIOTT WAVE ANALYSIS: 07 JAN, 2024 - BEARISH
©Master of Elliott Wave: Hua (Shane) Cuong, CEWA-Master.
Wave B-grey has just completed a corrective wave labeled ((a))((b))((c))-navy and wave ((c))-navy has completed a full five-waves in a Zigzag (5-3-5) pattern, so wave C-grey could be back to push lower. But it is too early to conclude such a major bearish trend.
On the other hand, the shorter-term outlook suggests we may head down to the 105.420 area, while price must remain below 109.533 to maintain this view.
Wave B-grey has just completed a corrective wave labeled ((a))((b))((c))-navy and wave ((c))-navy has completed a full five-waves in a Zigzag (5-3-5) pattern, so wave C-grey could be back to push lower. But it is too early to conclude such a major bearish trend.
On the other hand, the shorter-term outlook suggests we may head down to the 105.420 area, while price must remain below 109.533 to maintain this view.
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