DXY seems very bullish and likely to break the channel and approach to resistance R1. If R1 couldn't hold it, R2 will be next. DXY is targeting $122 in next 2 years. SP500 could be bearish.
Comment
⋅
Comment: On micro trend weekly chart, we see that wave 3 is almost done and shows a double divergence on RSI. Next we need to see if could hold $104 before coming to 5th wave.
Comment
⋅
Comment
⋅
Comment
⋅
Looks like wave 5 inside of wave 3 is finished and heading to $104.
Comment
⋅
Or just normal fifth wave targeting $117.6
Comment
⋅
The extended fifth should be done here or could extend 1.618 which is $117.6
Comment
⋅
Looks like an ending diagonal if DXY won't go beyond $117. If this plays out, we would see a flat correction because wave 2 was a zigzag. This correction might be bottomed at $101. Then we off to $122.
Comment
⋅
Significant correction.
Comment
⋅
It's building up. Just almost there.
Comment
⋅
Finally, DXY breaks the trend.
Comment
⋅
maybe wave 5 is truncated
Comment
⋅
Today it reaches $113; almost there. We need to see $115 to complete this pattern and DXY might a correction soon for 2-3 months.
Nice analysis, it could be still our wave 4 as price didnt crossed third wave also second wave looks short to answer first one which makes fourth wave longer , keep it up buddy 👍🏾
thienlovv
⋅
@s0h3il, Yeah that's true. I hope wave 4 end at $110 because if it goes below $109, this doesn't look diagonal anymore. Or Wave 4 was already ended at $111 truncated. Thank you for comment.