(Click on image to enlarge)

The 1H timeframe of the DXY index shows the completion of the global corrective trend. This formed a triple zigzag consisting of five main cycle waves w-x-y-x-z.

The market could begin forming the initial part of a new bearish triple zigzag trend.

Sub-waves Ⓦ-Ⓧ-Ⓨ of this pattern have ended. In the near future, the price will likely continue falling in the primary wave after a slight correction in the intervening wave Ⓩ. Its end is expected to reach 103.43. At that level, it will be at 61.8% of wave Ⓨ.

(Click on image to enlarge)

Let’s consider an alternative option in which the formation of a cycle triple zigzag will continue.

Most likely, at the level of 104.64, the bearish cycle wave x was completed. This took the form of a standard zigzag Ⓐ-Ⓑ-Ⓒ of the primary degree. After that, an upward impulse price movement in the wave z began.

The wave z could take the form of a zigzag Ⓐ-Ⓑ-Ⓒ. The first impulse Ⓐ and the correction Ⓑ in the form of an intermediate double zigzag are already completed.

The entire wave z could complete its pattern near 116.75. At that level, it will be at the 61.8% Fibonacci extension of wave y.

More By This Author:

The UK October Data Barrage
Intraday Market Analysis – USD Struggles For Bottom, Monday, Nov. 14
XAUUSD Cycle Triple Zigzag Tests $1800