Dollar index might be in late stage of correction. As per my current wave counts, we are in wave c of last corrective leg Z.
W-X-Y-X-Z is a complete complex corrective structure in itself, but there could be corrections within corrections. Considering that, what we are taking as W-X-Y could be larger (W) and X-Z could actually be X and Y. Either way, correction could end at this leg down and there is a high probability that we might get a decent up move once we get a positive daily close.
Having said that, the whole structure would get invalidated if DXY breaks the low of wave 2 in 1-2-1-2 (in yellow) at 107.680. Breaking that low would require me to re-count the waves from beginning. Keeping fingers crossed till then.
One thought on “Dollar Index (DXY) Update 10th Nov 2022”