The DXY is an important gauge for the markets all around the globe. When it goes up, stocks, crypto, and other risk-on assets, fall down in tandem.
From using elliot wave analysis, we can get a good forecast as to what may occur in the future for the DXY. What it tells us is both amazing and terrifying at the same time: There is a good chance that the peak made in just a number of weeks will never again in all of history be broken.
Is there any fundamental reasoning behing this idea? Of course! There always is. Elliot wave alone is mostly useless. You need an overarching narrative for something as massive and powerful as the dollar to fall from it's throne. Do your future self a favor and watch this video to learn what is going on in the macroeconomic scene right now:
It's a rather long video, but it's jam packed with value. As a TLDR (althought you SHOULD watch it 100% through), the US as a whole is very clearly in a stage of it's lifecycle where it is about to fall apart and be replaced, probably by China. It goes without saying that this means massive conflicts, as the US will not give up it's throne easily.
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The top might not be in yet. We could see it make an ending diagonal.
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It's starting to look like the Dollar may have formed it's Forever Peak!