Elliott Wave Theory Applied: DXY Bearish Pattern

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DXY

The chart illustrates the Elliott Wave pattern for the U.S. Dollar Index (DXY). The current wave count indicates a completed impulse wave sequence (1-5) followed by an ongoing corrective phase (A-B-C).

Impulse Waves: The primary trend direction includes waves 1, 2, 3, 4, and 5.
Corrective Waves: Following the impulse waves, we observe the corrective waves labeled A, B, and C.
Current Market Prediction
We are currently in wave (B), with the expectation of an upward move towards wave (C). The price targets for wave (C) are aligned with the Fibonacci extension levels:

99.786 (100% extension)
97.969 (127% extension)
95.626 (161.8% extension)
This analysis suggests a bearish outlook for the U.S. Dollar Index as it completes its corrective phase and prepares for the next impulse wave.

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