I still believe the run for DXY is not over yet. I was pondering over the chart of DXY over the weekend . And an alternate count for DXY is labelled over the double running three count I posted on Mar 4. As depicted in the chart, a leading diagonal is formed as (1) follow by an irregular (expanded) flat correction as (2). DXY is now in the formation of 'c'...
For the past few years since peaking at 2075 in August 2020, gold has been trending in a corrective mode. Despite the war in Ukraine and lately, the hype surrounding the Federal Reserve cutting interest rate by the end of 2023, gold has not been reached new highs. From a Elliott wave perspective, I will hazard a guess that gold is currently in the Y wave of a...
It may be premature to label this wave count as a running double three Elliott wave, the former three is a flat, the latter three may be a flat or a triangle. The (X) wave does not behave as an impulse wave, hence the reason for labelling it as a (X) wave. If this count is correct, the next wave, wave 3, will be an impulse wave of at least 1.618 of wave 1. We...
DXY reaches a peak of 114 at the end of Sep 22, completing the "C" wave of the corrective wave (W). In the next couple of years, we will see DXY meandering the corrective wave (X). Zooming in, I reckon DXY has completed the A wave of an expanded flat, and is now on its B wave rally, with a target ranging from 120 to 124.