The rise in the Dollar Index (DXY) since February 2018 until present times has been labeled in a bullish corrective cycle in Primary B (blue) degree, with its sub-waves composed out of Intermediate (A)(B)(C) (turquoise).
Intermediate (A) (turquoise) has been marked with a five-wave sequence in its Minor degree 12345 (blue), topping out in the middle of August 2018.
Intermediate (B) (turquoise) has been labeled as a rather complex structure, within a Flat Correction. After Minor A (red) finalized its declines, the correction began unfolding for Minor B (red), which appears to reveal itself as a Double Three in an ascending wedge formation.
In this scenario, Minor C (red) would need to commence a last bearish swing needed in order to complete the degree for Intermediate (B) (turquoise).
Should the current labeling be on track, then Minor C (red) could complete the bearish impulse at or around the 92.65 levels or 91.50 levels. At those mentioned levels, several technical signs could be awaiting a bounce-off and a continuation for Intermediate (C) (turquoise.
Intermediate (B) (turquoise) could finalize at or around the 50-61.8% Fibonacci Retracements of Intermediate (A) (turquoise), with a possible Inverted Head & Shoulders formation.
Intermediate (A) (turquoise) has been marked with a five-wave sequence in its Minor degree 12345 (blue), topping out in the middle of August 2018.
Intermediate (B) (turquoise) has been labeled as a rather complex structure, within a Flat Correction. After Minor A (red) finalized its declines, the correction began unfolding for Minor B (red), which appears to reveal itself as a Double Three in an ascending wedge formation.
In this scenario, Minor C (red) would need to commence a last bearish swing needed in order to complete the degree for Intermediate (B) (turquoise).
Should the current labeling be on track, then Minor C (red) could complete the bearish impulse at or around the 92.65 levels or 91.50 levels. At those mentioned levels, several technical signs could be awaiting a bounce-off and a continuation for Intermediate (C) (turquoise.
Intermediate (B) (turquoise) could finalize at or around the 50-61.8% Fibonacci Retracements of Intermediate (A) (turquoise), with a possible Inverted Head & Shoulders formation.
