As per the invalidation level specific in the previous update, counts I mentioned earlier are not valid anymore. Now I am recounting the waves from a new reference point, which is the swing high of 114.778, made on 28th September this year.
We are still in corrective mode as per our previous updates but the older counts got too messy to handle. Attached image show the fresh counts. The whole corrective structure so far is a larger ABC within which B wave was complex (w-x-y). We are currently in minor wave v of C and DXY has taken support at 200 DMA. This seem like an apt place for wave C to end considering the confluence of wave v and 200 DMA support.
If this support holds then we should see an impulse move from here. Alternate is that this correction keeps extending and gets more complex but let’s wait till that happens. For now, it looks like a decent setup for a bullish up move if 200 DMA holds. DXY move up from here might result in equities cooling off a bit.
