DXY Dollar Index , Gold and SPX500 - Elliott Wave Analysis
DXY (US Dollar Index) :
Previous reflex point 93.97 is not yet passed so we count only three waves as ABC .
ABC(3-3-5) : 91.76 to 93.66 as a subwaves A,B and C
ABC (3-3-5) : A and B is completed and c wave in a Five wave structure is going on. The Fibonacci ratio of A wave to C wave forecast 100% or 123.6% around 92.54 & 92.33
So C wave may extend up to 92.54 & 92.33.
DXY relationship with gold is inversely proportional so till the down rally on DXY will boost the gold & EUR/USD up.
Gold XAU/USD :
As we have discussed in the last analysis, 1966 as a 5th wave Target.1966 is done.
What is next? Is this new impulse or just ABC Triangle is continuing?
The rally started from 1906 and it is now at 1966. If this is abc triangle pattern is intake then we may see downfall towards 1911 again to complete the E wave.
If this is a new impulse 5th wave on higher time frame then we may see higher level as 1981/2000
Keep eye on DXY for the next move on gold.DXY weakness will boost the gold up & consider as a new impulse .
Previous reflex point 93.97 is not yet passed so we count only three waves as ABC .
ABC(3-3-5) : 91.76 to 93.66 as a subwaves A,B and C
ABC (3-3-5) : A and B is completed and c wave in a Five wave structure is going on. The Fibonacci ratio of A wave to C wave forecast 100% or 123.6% around 92.54 & 92.33
So C wave may extend up to 92.54 & 92.33.
DXY relationship with gold is inversely proportional so till the down rally on DXY will boost the gold & EUR/USD up.
Gold XAU/USD :
As we have discussed in the last analysis, 1966 as a 5th wave Target.1966 is done.
What is next? Is this new impulse or just ABC Triangle is continuing?
The rally started from 1906 and it is now at 1966. If this is abc triangle pattern is intake then we may see downfall towards 1911 again to complete the E wave.
If this is a new impulse 5th wave on higher time frame then we may see higher level as 1981/2000
Keep eye on DXY for the next move on gold.DXY weakness will boost the gold up & consider as a new impulse .
