In my previous post on DXY ,i mentioned how i expected it to move up a tiny bit in wave c of Z before starting to tumble. Well, from the fresh piece of evidence available it seems like that the expected tiny bounce failed which in Elliot wave terms means that wave Z has truncated.
That also means that the first leg to the expected downfall towards 93-94$ mark is already in place.
A few other things to add to this view:
i. The closing price yesterday came below the channel support
ii. the horizontal trend support is also broken
iii. by breaking the low of 105.36 the index has technically entered a downtrend according to the classic Dow Jones theory(lower high and lower low formation).
Note*- This post is for educational purpose only
That also means that the first leg to the expected downfall towards 93-94$ mark is already in place.
A few other things to add to this view:
i. The closing price yesterday came below the channel support
ii. the horizontal trend support is also broken
iii. by breaking the low of 105.36 the index has technically entered a downtrend according to the classic Dow Jones theory(lower high and lower low formation).
Note*- This post is for educational purpose only