There has been some new development in DXY chart hence sharing the revised view.
What I initially thought is wave 2, which materialised as zigzag (abc) after the high of wave 1, seem to be turning into a complex correction (WXY so far). The initial ABC was possibly W followed by the leg up (X) and then another complex correction within wave Y in form of minor wxy.
It all may sound confusing if you’re new to Elliott waves hence to simplify things – wave 2 is still not complete and we are in wave Y of WXY. We have already done more than 61.8 correction so I would like to believe that this should be it and once we get a positive daily close then we can cautiously assume it might be start of wave 3 up.
Having said that, if it wants to waste more time then this correction could complete more complex, i.e. WXYXZ, in which we’ll get another leg up (X) followed by 3 waves down in final leg Z.
The whole bullish view gets invalidated if DXY breaks the low of the first 2 (of 1-2-1-2) at 107.68.
