forex.pm forex forum binary options trade - Forex - DXY Triple Zigzag Pushes Above $101
  • Welcome to forex.pm forex forum binary options trade. Please login or sign up.
 

DXY Triple Zigzag Pushes Above $101

Started by PocketOption, Apr 23, 2022, 11:42 am

Previous topic - Next topic

0 Members and 1 Guest are viewing this topic.

PocketOption

DXY Triple Zigzag Pushes Above $101

DXY

DXY


The current formation of the DXY index hints at the development of a large triple w-x-y-x-z zigzag of the cycle degree.


The intervening wave x ended, which is a triple Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ zigzag of the primary degree.


At the time of writing, a cycle actionary wave z is under construction. The internal structure of the wave z also suggests a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The first four parts of the triple zigzag look fully complete. The primary wave Ⓩ is still in the process of development. It seems to take the form of a double zigzag (W)-(X)-(Y) of the intermediate degree.


Bulls can continue to push the price to the level of 101.989. At the specified level, wave z will be at 100% of the previous actionary wave y.


DXY


Let’s consider an alternative scenario. In the second variant, the cycle actionary wave y was longer than in the main variant and has the form of a primary triple zigzag.


Therefore, in the near future the market will move in a downward direction, building a cycle intervening wave  x. It will most likely take the form of a primary zigzag Ⓐ-Ⓑ-Ⓒ.


It is possible that the price will fall to the level of 96.682, as indicated on the chart. At that level, wave x will be at 38.2% along the Fibonacci lines of wave y.


Test your strategy on how the US dollar index will fare with Orbex - Open your account now. 


The post DXY Triple Zigzag Pushes Above $101 appeared first on Orbex Forex Trading Blog.


Source: DXY Triple Zigzag Pushes Above $101