Update on DXY (August 6, 2021)
If you remember my analysis on DXY (Daily Chart), I predicted big wave C to retest the previous wave 4 at 93.50 before continuing its way down for a new bearish cycle.
Zooming at the 4H chart, Wave C, which was constituted of 5 waves up with wave 5 as a rising wedge, broke out and started its ABC correction which could be considered new wave 1 in the new cycle.
Anyway, looking at this chart now, DXY went 5 waves down and started its small ABC correction which I expect to retest 92.52 before continuing its way down.
As wave C broke the 100% Fibonacci Extension, I ended up choosing the 161.8% Fibonacci Extension (92.52) as a critical retest area for the bearish scenario.
Zooming at the 4H chart, Wave C, which was constituted of 5 waves up with wave 5 as a rising wedge, broke out and started its ABC correction which could be considered new wave 1 in the new cycle.
Anyway, looking at this chart now, DXY went 5 waves down and started its small ABC correction which I expect to retest 92.52 before continuing its way down.
As wave C broke the 100% Fibonacci Extension, I ended up choosing the 161.8% Fibonacci Extension (92.52) as a critical retest area for the bearish scenario.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.