Dollar Index $DXY is another instrument that has given us trading opportunities lately . Dollar Index is showing incomplete sequences in the cycle from the June low. Recently it made clear 3 waves pull back and found buyers at the blue box as we expected. In this technical blog we’re going to take a quick look at the charts of Dollar index published in members area of the website and explain the Elliott Wave structure and trading strategy.
$DXY Elliott Wave 1 Hour Chart 11.18.2021
Current view suggests $DXY is doing 4 red correction labeled as ((a))((b))((c)). Pull back is showing lower low sequences and looks incomplete at the moment. We expect to see another leg down toward 95.53-95.24 ( buyers area) . Buyers should ideally appear at the blue box for 3 waves bounce at least. Once bounce reaches 50 Fibs against the ((b)) black connector, we will make long position risk free ( put SL at BE). Invalidation for the trade would be break below 1.618 fibs extension: 95.24.
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$DXY Elliott Wave 1 Hour Chart 11.23.2021
Eventually Dollar has given us leg down toward blue box as expected. Buyers appeared at the marked zone and we got very good reaction from there. The rally from the blue box made a break toward new highs making Dollar Index bullish against the 95.51 low in first degree. As a result members who took long positions are enjoying profits in risk free positions ( stop loss is put at the entry point) . We believe another push up can be seen toward 96.69+ area to complete short term cycle from the 95.51 low as 5 waves rally before larger (4) blue pull back takes place.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
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