Short-term Elliott wave view in Dollar Index (DXY) suggests the decline from August 20 high is in progress as a 5 waves impulse Elliott Wave structure. Down from August 20 high, wave ((i)) ended at 92.80 and rally in wave ((ii)) ended at 93.18. Internal subdivision of wave ((ii)) unfolded as a zigzag. Wave (a) ended at 93.13, wave (b) ended at 92.93, and wave (c) ended at 93.18. The Index resumes lower in wave ((iii)) towards 92.4 in 5 waves of lesser degree. Down from wave ((ii)), wave (i) ended at 92.6 and rally in wave (ii) ended at 92.78. Index then resumes lower in wave (iii) towards 92.46, rally in wave (iv) ended at 92.55, and final leg lower wave (v) ended at 92.4.
Rally in wave ((iv)) ended at 92.78 and the Index has resumed lower. Down from wave ((iv)), wave (i) ended at 92.37 and rally in wave (ii) ended at 92.53. Expect wave (iii) to end soon, and the Index should rally in wave (iv) before turning lower again. Near term, as far as pivot at 92.78 high remains intact, expect rally to fail in 3, 7, or 11 swing for further downside.
Rally in wave ((iv)) ended at 92.78 and the Index has resumed lower. Down from wave ((iv)), wave (i) ended at 92.37 and rally in wave (ii) ended at 92.53. Expect wave (iii) to end soon, and the Index should rally in wave (iv) before turning lower again. Near term, as far as pivot at 92.78 high remains intact, expect rally to fail in 3, 7, or 11 swing for further downside.
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