Where will the DXY be by the end of January - bull or not bull? This is a question our new guest author is investigating here and wants to get your opinion at the end of the article as a comment.
In moving through the 1.00 extension we have been watching on the daily chart, the market has resoundingly stated that it wants to be a bull. Yes, this move through the 1.00 extension makes classifying this rally as corrective a much lower probability at this point in time. In fact, it bolsters the position that the dollar is still in the heart of a 3rd wave, specifically in wave iii of 3, and is still extending.
As we have been saying, if the DXY was truly going to put an exclamation point on the longer term bullish structure, wave iii of 3 should be moving through the 1.00 extension and targeting the 1.236 extension. This past week, we strongly moved through that 1.00 extension, and it seems we are on our way to the 1.236 extension approaching the 93 region. And, if we maintain the current uptrend channel, we should reach our target towards the end of January. But, our next resistance level will be the 91.75 region, which, if broached, should point us towards the 92.75-93 region next.
At that time, we can finally expect a larger pullback/consolidation in wave iv of 3 before heading to our next target region between 96-99. Ultimately, this 5 wave structure off the 2008 lows has us targeting the 106-111 region before all 5 waves are completed.
See my charts illustrating the wave counts on the dollar (DXY):
ABOUT THE AUTHOR: Avi Gilburt is a widely followed Elliott Wave technical analyst and author of ElliottWaveTrader, a live Trading Room featuring his intraday market analysis (including emini S&P 500, metals, oil, USD & VXX), interactive member-analyst forum, and detailed library of Elliott Wave education.
If you wish to become a Guest Contributor, please get in touch with our Community Manager and UGC Editor Leah Grantz leahg@forexmagnates.com
In moving through the 1.00 extension we have been watching on the daily chart, the market has resoundingly stated that it wants to be a bull. Yes, this move through the 1.00 extension makes classifying this rally as corrective a much lower probability at this point in time. In fact, it bolsters the position that the dollar is still in the heart of a 3rd wave, specifically in wave iii of 3, and is still extending.
As we have been saying, if the DXY was truly going to put an exclamation point on the longer term bullish structure, wave iii of 3 should be moving through the 1.00 extension and targeting the 1.236 extension. This past week, we strongly moved through that 1.00 extension, and it seems we are on our way to the 1.236 extension approaching the 93 region. And, if we maintain the current uptrend channel, we should reach our target towards the end of January. But, our next resistance level will be the 91.75 region, which, if broached, should point us towards the 92.75-93 region next.
At that time, we can finally expect a larger pullback/consolidation in wave iv of 3 before heading to our next target region between 96-99. Ultimately, this 5 wave structure off the 2008 lows has us targeting the 106-111 region before all 5 waves are completed.
See my charts illustrating the wave counts on the dollar (DXY):
ABOUT THE AUTHOR: Avi Gilburt is a widely followed Elliott Wave technical analyst and author of ElliottWaveTrader, a live Trading Room featuring his intraday market analysis (including emini S&P 500, metals, oil, USD & VXX), interactive member-analyst forum, and detailed library of Elliott Wave education.
If you wish to become a Guest Contributor, please get in touch with our Community Manager and UGC Editor Leah Grantz leahg@forexmagnates.com
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
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#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
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Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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