Short Term Elliott Wave view in Dollar Index (DXY) suggests that the rally from May 26, 2021 low is unfolding as a zigzag Elliott Wave structure. Up from May 26, wave (A) ended at 93.19 and pullback in wave (B) ended at 91.78. Wave (C) is currently in progress as a 5 waves impulse but the Index still needs to break above wave (A) at 93.19 to confirm.
Up from wave (B), wave ((i)) ended at 92.2 and pullback in wave ((ii)) ended at 91.81. Index then resumes higher again in wave ((iii)). Up from wave ((ii)) low, wave (i) ended at 92.35 and pullback in wave (ii) ended at 92.1. Wave (iii) ended at 92.92, wave (iv) ended at 92.71, and wave (v) of ((iii)) is expected to end soon. Index should then pullback in wave ((iv)) before turning higher 1 more time in wave ((v)). This should complete wave 1 in higher degree. Afterwards, expect the Index to pullback in wave 2 to correct cycle from July 30 low before it resumes higher. Near term, as far as pivot at 91.78 low remains intact, expect dips to find support in 3, 7, or 11 swing for further upside.
DXY 60 Minutes Elliott Wave Chart
