DXY Index, Bearish Reversal High Likelihood!

VincePrince Updated   
TVC:DXY   U.S. Dollar Index

Welcome to this analysis about the US-Dollar Currency Index, we are looking at the 4-hour timeframe perspectives. As I detected recently the index is forming an important formation that has a high possibility to be the origin of a bearish reversal to the downside that should not be underestimated. As when looking at my chart now we can watch there that this is an ascending-wedge-formation which I have marked with the blue boundaries. Within this wedge, the index has its coherent wave-count with the waves A to E already completed and therefore technically the wave-count-basis of the wedge finalized. This is why the likelihood that the wedge confirms bearishly to the downside in the near future is higher, such confirmation will finally happen when the index closes below the lower boundary of the formation which will be the origin for further bearish downside price-action as it is marked in my chart with the final confirmation. Once the whole wedge-formation is completed bearishly the index will appoint the target-zone and when the targets have finally reached the situation needs to be elevated anew if the index manages to hold this zone or continues bearishly further.

In this manner, thank you for watching my analysis about the DXY Index and the highly likely bearish reversal incoming in the near future, great when you support it with a like and follow or comment for more market insight!

Information provided is only educational and should not be used to take action in the market.
ANALYSIS UPDATE: The DXY formed the bearish pullbacks below the lower boundary of the formation and below the EMAs within the range.

The DXY since it formed the major bearish completion of the whole formation accelerated with the bearish trend directions reaching the target zones.

►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince

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.