DXY seems very bullish and likely to break the channel and approach to resistance R1. If R1 couldn't hold it, R2 will be next.
DXY is targeting $122 in next 2 years. SP500 could be bearish.
DXY is targeting $122 in next 2 years. SP500 could be bearish.
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Comment: On micro trend weekly chart, we see that wave 3 is almost done and shows a double divergence on RSI. Next we need to see if could hold $104 before coming to 5th wave.
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Looks like wave 5 inside of wave 3 is finished and heading to $104.
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Or just normal fifth wave targeting $117.6
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The extended fifth should be done here or could extend 1.618 which is $117.6
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Looks like an ending diagonal if DXY won't go beyond $117. If this plays out, we would see a flat correction because wave 2 was a zigzag. This correction might be bottomed at $101. Then we off to $122.
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Significant correction.
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It's building up. Just almost there.
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Finally, DXY breaks the trend.
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maybe wave 5 is truncated
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Today it reaches $113; almost there. We need to see $115 to complete this pattern and DXY might a correction soon for 2-3 months.
