DXY Is Still Bearish; Final Leg Of The Wedge Pattern?

Aug 7

DXY Is Still Bearish, but it can be trading in final leg of ending diagonal a.k.a. wedge pattern from technical and Elliott wave perspective.

US Dollar Index – DXY made only a three-wave rise from the lows, which indicates for a correction within downtrend. So recovery can basically still be a fourth wave rally, just a bit deeper one that can still belong to an ending diagonal a.k.a. wedge pattern. Final wave “v” of 5 can be still missing, so be aware of a continuation lower within a new three-wave abc decline, especially if breaks below the lower side of the corrective channel near 97.70 level.

Aug 14

Trade active

USDollar Index - DXY chart is making a slightly bigger intraday recovery after a higher-than-expected US PPI release. However, it can be still trading within a leading diagonal into wave (a) of a deeper, three-wave abc decline within wave "v", so despite higher PPI inflation, still be aware of a continuation lower.