I previously have been posting DXY showing it in a downtrend with a 3rd wave down coming soon. While this has been my primary count, there has always been the possibility of DXY actually being at the start of an uptrend. In now seems like DXY make actually be doing this alternate count. In order to invalidate the downwards trend we will need to see DXY break the previous high, marked by the red horizontal line on my chart. This is important as it could be the catalyst the stock market has been waiting for these past few months as it has been consolidating. This would most likely mean a significant pullback in the market to fill the gap from the 2020 covid recovery pump. This shouldn't be cause for alarm, but more of a warning to watch these levels and exit some long positions if you don't feel comfortable losing say 20-30%. The market should come back up afterwards, this should be a pullback before another wave up to above 4200 on SPX.
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DXY holding so far, bull market still in favor for stocks
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