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Simon_says
Oct 31, 2017 8:08 PM

DXY 1W - Elliott waves - update 

TVC:DXY1D
U.S. Dollar Currency IndexTVC

Description

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Decided to make an update on my last plot of DXY from 24th Aug '17 (chart below).

So far, everything looks good!!

We are still in F -> G move I'm expecting price continue to move up until December 2017.

Reasons for that: in short-term Trump will announce new Fed chair, in long-term expectations of FED to hike rates by 25bp.

XAUUSD (gold) will trade in opposite direction as DXY, it means XAUUSD will move down until rate hikes.

Expecting XAUUSD to move strongly up next year, while DXY will go south G -> H move.

Trade active

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Trade active

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Let's wait for FOMC and interest hike! From that time DXY will go down and XAUUSD will move north.

Rate hike odds are 90-100% depending on website you check:
cmegroup.com/trading/interest-rates/countdown-to-fomc.html/
uk.investing.com/central-banks/fed-rate-monitor

Trade active

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Everything is going on as expected, XAUUSD up and DXY down.

Trade active

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Trade active

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Trade active

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Trade active

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Trend AnalysisChart PatternsWave AnalysisDXYdollardollar_index
Comments
gellany
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u view same my view in collapsing , very excellent
rafalo
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So now still LONG?
Simon_says
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@rafalo,
You're a bit too late, soon DXY will reach top, I would rather await for FOMC meeting.

There is very high % for FED to hike rates cmegroup.com/trading/interest-rates/countdown-to-fomc.html

That in turn will cause DXY to move down (G -> H) and XAUUSD will go up.
rafalo
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@Simon_says, I don't want to jump now. Just Yours "Trade Active" is not clear for me. I would like to wait for XAUUSD bottom as I think that going long in XAUUSD is much safer than be short...
Simon_says
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@rafalo,
"Trade active" means my analysis is still valid but you need to take in consideration time frame.
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