Κυριακή, 7 Αυγούστου 2016

DXY: Weekend Analysis from ElliottWaveTrader

Author: Avi
DXY: Up, Down, and All Around
Forex, DailyChart
DXY - Daily
Does the title not capture the action this year in the dollar perfectly?  And, I still have no indications that it will end for some time.For almost the last year, we have heard that the dollar has topped and is about to crash.  We have also heard the other side of the market claiming that we are heading to the moon.  My perspective has been we are in a period of “dollar dormancy,” and it will likely continue for some time.  I guess we can call it a Goldilocks market for now.

Allow me to remind you what I said last weekend:
As we came into this year, the market was setting up to develop a larger degree 4th wave.  And, thus far, the market has done well to follow through on our expectation.  As you can see on our chart, my primary count has us in the purple b-wave for wave 4.  Moreover, we have likely complete the (a) wave of that b-wave.  This means that after further downside is seen in the coming weeks to complete the (b) wave, we will likely see yet another rally in a (c) wave to complete the larger b-wave structure.
This past week, we experienced some of the expected further downside, which I am classifying as the a-wave of the (b) wave of the purple b-wave.  This leads me to believe that we will see further downside in the coming week or two to complete the c-wave of (b).
As long as the DXY remains over the 90-92 support, and below 101, I am going to continue to look for the chop of a larger degree 4th wave.  Should one of those regions break, then I will clearly have to adjust my larger degree perspective.

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