Lately in the previous few posts on tradingview, I have been iterating on the bullish of DXY despite calls from many traders and analysts alike on the bearish of DXY. Their reason, impending interest rate cuts by the federal reserve. I am still skeptical on the number of rate cuts as well as when the Fed will actually take the first step to cut interest rate. The first rate cut has now been pushed back from March to June. Will Fed cut interest rate in June ? I think it is speculative, anybody's guess.
From the Elliott wave's perspective, DXY is now on the cusp of embarking on the wave 5 of an impulsive wave as depicted in the chart. This is an impulsive wave that stretches all the way back to 2008 when it all started. This is an impulsive wave, with a third wave extension of a third wave extension. Refer to the chart for the detailed analysis. Conservatively, the end target of wave 5 is at 121, 2.618 of the extension.
So until then, I will put my money where my mouth is and ignore all the noises from the press and media.
From the Elliott wave's perspective, DXY is now on the cusp of embarking on the wave 5 of an impulsive wave as depicted in the chart. This is an impulsive wave that stretches all the way back to 2008 when it all started. This is an impulsive wave, with a third wave extension of a third wave extension. Refer to the chart for the detailed analysis. Conservatively, the end target of wave 5 is at 121, 2.618 of the extension.
So until then, I will put my money where my mouth is and ignore all the noises from the press and media.