The structure of the DXY index hints at the development of a large triple zigzag w-x-y-x-z of the cycle degree.
Most likely, a cycle actionary wave z is currently under construction. The internal structure of the wave z suggests a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. Perhaps the first four parts of the triple zigzag are fully completed, and the primary wave Ⓩ is still developing. It may take the form of a double zigzag (W)-(X)-(Y) of the intermediate degree.
Bulls can push the price up again to the maximum of 109.34, marked by impulse iii. The goal is determined using the Fibonacci extension tool. At that level, wave z will be at 161.8% of the previous actionary wave y.
In an alternative scenario, the cycle actionary wave y was longer, and at the time of writing, it had come to its end. The wave y has the form of a primary triple zigzag.
Thus, if this option is confirmed, in the near future the market will move in a downward direction, building a cycle intervening wave x. The intervening wave x is similar to the primary zigzag Ⓐ-Ⓑ-Ⓒ.
It is possible that the price will fall to 104.66, as shown on the chart. At that level, wave x will be at 23.6% along the Fibonacci lines of wave y.
