Except for DXY, everything is falling apart because everyone is selling their assets and buying dollars instead as a safe haven! Traders usually also need USD to open short positions on futures and speculate on price decreases.
The dollar index is incredibly strong and this trend should continue for another few years. According to my analysis and to this chart, 2025 seems like a reasonable year for a trend reversal of this ticker.
Keep in mind that this is the monthly chart for DXY and the price is printing a massive parallel channel on the linear scale and also on the log scale as well.
As per my Elliott Wave analysis, we are currently in the strongest third wave and I expect to touch the upper trendline of the parallel channel before we can experience a corrective fourth wave. After that, the 5th wave will come into play, and we can definitely throw over the parallel channel and find resistance at the previous swing high from 2001.
The DXY is a great indicator for traders and everyone should keep an eye on it. Interest rates are going up, and this is a negative indicator for the stock market.
Look at my ideas about Gold and Bitcoin in the related section down below.
P/s: One of the very few stupidest Eliot wave counting people I've ever met.
Check out his many ideas and ways to count Eliot waves on his wall. You will understand!
I still remember, he drew uptrend btc wave up to several hundredk, and now.... he drew it down to 13k again... haha?
Tolberti
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@huongnd, I don't know why you don't like my Elliott Waves 😃
thienlovv
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@Tolberti, I have to defend houngnd for this. Elliott wave is not simple and literally everybody can make their own count but it doesn't mean it's correct. People like me and others actually use it and trade for living. We have to and have to count correctly in order to understand what the market is telling us. There are 5 core patterns of EW: impulsive, flat, diagonal, zigzag and triangle. The better we recognize these patterns, the clearer pictures we can see as a whole. In order to count correctly, we need to look at different time frames (1 min to 3 months), Fibs and RSI combination to get the best accuracy.
Tolberti
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@thienlovv, I agree, and what is more, there are always multiple correct Elliott Waves counts at the same time. You just look for the most probable, and if it's invalidated, you switch to another one. I publish on Tradingview what I think is the most probable Elliott Wave count at the moment.
thienlovv
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@Tolberti, so you don't care about your accuracy? Well, if someone has mastered EWT, he/she becomes a fortune teller, predicting the futures.
@Tolberti, do not bother speaking with haters, waste of time my friend.
thienlovv
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@Vibranium_Capital, bro, imagine the retail investors taking advises from any analyst with no trading experience. It's funny the tradingview edictors pick them to be popular. Sound like Jim Cramer's picks to me. But I thank him for posting like this because majority are thinking the same.
huongnd
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@thienlovv, I agree with your point, his Eliot wave is too immature, sloppy and unrealistic. It does not show careful calculation
huongnd
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@huongnd, Check out the ideas he published, and check out his Eliot wave count.
P/s: One of the very few stupidest Eliot wave counting people I've ever met.
Check out his many ideas and ways to count Eliot waves on his wall. You will understand!
I still remember, he drew uptrend btc wave up to several hundredk, and now.... he drew it down to 13k again... haha?