My macro outlook, and short term outlook, is the DXY is bearish.
I use Elliott to help me make sense of it on the weekly, though such an asset unlike a stock, ranges. So Elliott I think is good for understanding wave structures but probably not so much for tying the structures together over decades. For now it looks good.
My outlook on DXY is that it did in fact top with a nice 5 wave impulse, within a channel, and tagged the Fib Speed Resistance Fan at 0.618-0.65 (golden zone). Some think DXY will go up further. This current wave will make clear whose narrative is correct.
Notice that DXY topped out at a -0.236 algo target on the smaller time frame. On the weekly, will DXY go down deep and target the -0.236?
I post DXY on smaller time frames below.
I use Elliott to help me make sense of it on the weekly, though such an asset unlike a stock, ranges. So Elliott I think is good for understanding wave structures but probably not so much for tying the structures together over decades. For now it looks good.
My outlook on DXY is that it did in fact top with a nice 5 wave impulse, within a channel, and tagged the Fib Speed Resistance Fan at 0.618-0.65 (golden zone). Some think DXY will go up further. This current wave will make clear whose narrative is correct.
Notice that DXY topped out at a -0.236 algo target on the smaller time frame. On the weekly, will DXY go down deep and target the -0.236?
I post DXY on smaller time frames below.
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DXY 3 day
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DXY 4 hr. My current idea is that the DXY is putting in an expanded flat correction for the wave 2. Afterwards, it will plunge down for a wave 3. This would be good news for crypto and stocks.