DXY Elliott wave analysis
Looking at the dollar index on a weekly chart, Elliott waves suggest we are starting wave c as the last leg in a bigger wave (II).
All waves seems to be in line so far, so dollar depreciation for 2020 looks likely. After Powell said that repo will continue at least until April, USD depreciation could be likely.
This year will be less about US economy and more about politics as the election drama is looming. Potential impeachment and uncertain election could be the negative impact on the dollar.
Wave c progresses in a 12345 wave formation. So the start of the pattern will be signalled by the first impulsive move to the downside.
The virus outbreak could also have impact on markets with a risk off mood.
Good Luck and stay healthy!
All waves seems to be in line so far, so dollar depreciation for 2020 looks likely. After Powell said that repo will continue at least until April, USD depreciation could be likely.
This year will be less about US economy and more about politics as the election drama is looming. Potential impeachment and uncertain election could be the negative impact on the dollar.
Wave c progresses in a 12345 wave formation. So the start of the pattern will be signalled by the first impulsive move to the downside.
The virus outbreak could also have impact on markets with a risk off mood.
Good Luck and stay healthy!
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