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We talked about the situation on the DXY index a little more than two weeks ago. Its internal structure shows the completion of the global corrective trend. This took the form of a triple zigzag consisting of cycle waves w-x-y-x-z.

It is possible that the market has now begun the formation of the initial part of a new bearish trend.

The first impulse sub-wave is a potential standard zigzag Ⓐ-Ⓑ-Ⓒ. The end of the impulse wave Ⓐ is possible at 107.67, which is marked by a minuette fourth correction.

However, another option is also possible, in which the formation of a cycle triple zigzag has not yet ended.

Most likely, at the level of 104.60, the bearish cycle wave x was completed. This took the form of a standard zigzag Ⓐ-Ⓑ-Ⓒ of the primary degree. After that, an upward impulse price movement in the wave z began.

The wave z could take the form of a zigzag Ⓐ-Ⓑ-Ⓒ, where the first impulse and correction are already completed.

The entire wave z could complete its pattern near 119.56. At that level, it will be at the 76.4% Fibonacci extension of wave y.

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