Hello traders!
DXY stopped a multiyear uptrend at 114.8 and declined with a 5 waves impulse down from there.
After a first bottom, price increased in a three wave until 115.9, 38.2% of the whole discent from the top, and started a smaller impulsive 5 wave to the downside that ended sligthly below previous low, de facto creating the possibility for a double bottom. Price also created a descending broadening wedge while bottoming, that has targets in the 103-105 area.
We may see some upside until there before continuing down. Breaking 115 will activate the double bottom targets therefore requiring a wider wave B or a relabeling of the primary count.
Bests GMR
DXY stopped a multiyear uptrend at 114.8 and declined with a 5 waves impulse down from there.
After a first bottom, price increased in a three wave until 115.9, 38.2% of the whole discent from the top, and started a smaller impulsive 5 wave to the downside that ended sligthly below previous low, de facto creating the possibility for a double bottom. Price also created a descending broadening wedge while bottoming, that has targets in the 103-105 area.
We may see some upside until there before continuing down. Breaking 115 will activate the double bottom targets therefore requiring a wider wave B or a relabeling of the primary count.
Bests GMR