Short Term outlook in Dollar Index (DXY) suggests the decline from March 7, 2022 peak ended in wave (4) at 97.68. Internal subdivision of wave (4) unfolded as a zigzag Elliott Wave structure. Down from March 7 peak, wave A ended at 97.71 and rally in wave B ended at 99.37. The Index then resumed lower in wave C towards 97.68 which completed wave (4) in higher degree. The Dollar has turned higher in wave (5). Internal subdivision of wave (5) is in progress as a 5 waves impulse.
Up from wave (4), wave (i) ended at 98.36 and pulllback in wave (ii) ended at 97.9. Index then resumes higher in wave (iii) to 99.08. Expect Index to pullback in wave (iv) and then extend higher again one more leg in wave (v) before it completes wave ((i)). Afterwards, expect a wave ((ii)) pullback to correct the rally from wave (4) low on March 30 before the Index resumes higher again. Near term, as far as March 30 low pivot at 97.68 stays intact, expect dips to find support in the sequence of 3, 7, or 11 swing for further upside.
Dollar Index 60 Minutes Elliott Wave Chart
