I use this analysis to understand the overall market situation to trade indices, gold, and stocks. I don't trade currencies.
The evolution of DXY seems to follow Elliott waves since the beginning of 2021.
Wave 1 January
Wave 2 February
Wave 3 March-April
Wave 4 Mid-May
Wave 5 May-June
If my count is correct, inside wave 3, we are currently in sub-wave 4.
The ascending triangle broke up. The Dax was probably boosted by US markets.
Elliott waves seem to apply well. We are currently in wave 5.
The top might be at 14750 (0.618 of wave1) or perhaps 17900 (1 of wave 1) but the daily/4h RSI is overbought so I think 14750 should be the top.
From 14750 level, I will look for a short entry and wait for rejection candles ...
The GER30 is very tricky to analyze these days, so be careful and do your own DD :)
The Ascending triangle has broken out down. Potential target 14200
False break-out are common with triangles, so this break-out is fake or real?
- Trending moves are slowing down (the 3 green rectangles)
- the breakout has been followed by a retest of the bottom...
If 12770 support hold, we might see March 11 the break out of the bearish channel started mid February.
The 13200 target is based on the theoretical target of the double bottom, limited by 13200 resistance.
It might easily go above 13200 on a longer-term