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Tolberti
Jul 31, 2022 5:05 PM

Dollar index DXY - Prepare for a downtrend! + Full Elliott Wave 

TVC:DXY1D
U.S. Dollar Currency IndexTVC

Description

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  • On the daily chart we have 2 parallel channels that indicate 2 impulse Elliott Waves.
  • As per my Elliott Wave analysis, this huge impulse wave has been completed and now we should go sideways or down!
  • The first trendline is breaking out, and usually that means that other trendlines will break too.
  • The first target is at wave 4 + 0.382 FIB + parallel channel retest.
  • In my opinion, DXY has completed a significant uptrend and is now poised for consolidation (range).
  • Look at my ideas about GOLD, EURUSD and Bitcoin in the related section down below.
  • For more ideas, please hit "Like" and "Follow"!

Comment

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On the monthly chart, we have a shooting star candle! This indicates that this trend could be over.
Support and ResistanceElliott WaveFundamental AnalysisDXYAscending ChannelRising WedgeFibonacci RetracementTrend Line BreakZigzagBitcoin (Cryptocurrency)EURUSDContains image
Comments
TheSignalyst
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I would like to see a break below the last low first
Tolberti
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@TheSignalyst, Sure, that should be great confirmation.
masoudmemari311
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And last elliot is \/\. Not?
Tolberti
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@masoudmemari311, What do you mean? \/\
Artem_Dishel
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I am expecting a correction too
Tolberti
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@Artem_Dishel, Great confluence!
Solldy
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Great! The idea for this asset fits the current macro situation. In the next ideas I would like to see a more detailed description of the idea.
Tolberti
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@Solldy, Thank you!
RLinda
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I like it)
Tolberti
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@RLinda, Thank you.
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