Revised $DXY Count, Now Looking for More Upside

I had thought that $DXY was in the final stages of a 4th wave correction, after which I expected it to turn lower. However, given the recent price action, and its pushing above the 250-week EMA, I believe it may have a higher destination. Since it’s now pushing the limits of what can be credibly interpreted as a wave 4 of that degree, I am upgrading the wave degrees across the board, and I believe we are in a much bigger wave 2 correction.

It is still probably most of the way done (in time, as with the other count), it’s just that in this case, it probably needs to go higher first for a few weeks or so. The target range for a wave 2 of this degree will coincide with a retest of a long-term trend line, from beneath.

Ultimately, this is a much more bearish count for $DXY in some respects (in the intermediate term). On my other count, I was looking to take out the lows from early this year soon-ish, then have this rally we’re having now. But since we’re having it now, we’re likely to end up going significantly lower in the next move down, and sooner than I had thought before.


Note: When articles are first posted, most of them are made available only to my Patreon supporters (I do try to publish some public posts on occasion). Over time (usually after a period of a few weeks or so), I make all of the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page. In a nutshell, patrons of any denomination (you get to pick the amount) will be able to read my weekend analyses, Tier 1 members ($20/mo.) get access to all of the articles I write, and Tier 2 members ($35/mo.) get access to those, plus counts on other instruments and my Discord chatroom.

Leave a Reply

Your email address will not be published. Required fields are marked *