This is a general outline of current trends. DXY may or may not have a correction soon. The picture will become more clear tomorrow. Any deviation from the elliot waves, may suggest a more determinate trend. The idea is simply a sketch to provide some basic material for analysis, what there is to expect and not.
The currently strong sell presssure and EMA may be taken as an indicator that there is strong support for DXY. The sell pressure is likely to weaken, and since DXY stays above EMA 50/100, there's a possibility of further gains. DXY is currently very bullish but needs a correction, when it will happen is unclear. Therefore, I would wait for further confirmation.
Indicators
The currently strong sell presssure and EMA may be taken as an indicator that there is strong support for DXY. The sell pressure is likely to weaken, and since DXY stays above EMA 50/100, there's a possibility of further gains. DXY is currently very bullish but needs a correction, when it will happen is unclear. Therefore, I would wait for further confirmation.
Indicators
- EMA
- Buy and sell pressure
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