Short Term cycle in Dollar Index (DXY) shows an incomplete bearish sequence from 2.14.2024 high favoring further downside. Down from 2.14.2024 high, wave 1 ended at 103.43 as an impulsive structure. Wave ((i)) ended at 104.18 and wave ((ii)) ended at 104.67. Wave ((iii)) lower ended at 103.79 and rally in wave ((iv)) ended at 104.21. Final leg wave ((v)) lower ended at 103.43 which completed wave 1 in higher degree. The Index then corrected in wave 2 with internal subdivision as a double three Elliott Wave structure.
Up from wave 1, wave ((w)) ended at 104.13 and dips in wave ((x)) ended at 103.6. Internal subdivision of wave ((x)) subdivided into a zigzag structure. Down from wave ((w)), wave (a) ended at 103.76 and wave (b) ended at 104. Wave (c) lower ended at 103.6 which completed wave ((x)). The Index then turned higher in wave ((y)) as a double three. Up from wave ((x)), wave (w) ended at 104.24 and wave (x) ended at 103.65. Wave (y) higher ended at 104.29 which completed wave ((y)) of 2 in higher degree. The Index has extended lower in wave 3. Down from wave 2, wave (i) ended at 103.76 and wave (ii) ended at 103.89. Expect the Index to extend lower and rally to fail in 3, 7, or 11 swing for further downside.
