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
Devexperts Checks Off Type 2 SOC 2 Audit for Enhanced Data Security
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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20-22 MAY 2024
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Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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