DXY having re-tested support has broken out with impulse here in tandem with stock indexes falling into a technical bear market.
There are multiple EW counts of course, but good chance a cycle wave 1 and 2 is now complete and if it is then get ready because an elliott wave ratio is 1:1.618:1 and 1.618 wave 3 is up at $108 and you would have to say its looking very impulsive here which would suggest a wave 3 is on the cards.
If that happens I think this will trigger a MAJOR collapse in stock indexes and there will be plenty of deep value buys down the road. Or of course just trade in favour of the dollar via various FX pairs or DXY itself.
Expecting a re-test of the primary 1.618 at $96 before continuing up.
Not advice.
There are multiple EW counts of course, but good chance a cycle wave 1 and 2 is now complete and if it is then get ready because an elliott wave ratio is 1:1.618:1 and 1.618 wave 3 is up at $108 and you would have to say its looking very impulsive here which would suggest a wave 3 is on the cards.
If that happens I think this will trigger a MAJOR collapse in stock indexes and there will be plenty of deep value buys down the road. Or of course just trade in favour of the dollar via various FX pairs or DXY itself.
Expecting a re-test of the primary 1.618 at $96 before continuing up.
Not advice.
I'm taking a break from TradingView but you can find me every day in my Telegram Trading Group 🧐
Priority trades, round the clock updates and a 1 hour technical video per week 😼.
$50 per month 👍🏻.
Contact: t.me/dRends35
Priority trades, round the clock updates and a 1 hour technical video per week 😼.
$50 per month 👍🏻.
Contact: t.me/dRends35
