If you follow me on my other social media platforms, you know that in November 2020 I said that in 2021 the DXY will experience a strong correction to the upside for wave 4. This means that all major currencies will start their corrective cycles in order to reach very attractive levels for us to capitalize on with buying positions and that is exactly what ended up happening.
As the DXY broke the 100% Fibonacci Extension level (92.077), we are aiming now for the 161.8% Fibonacci Extension level (93.574) as our first target for DXY before continuing its way down for an impulsive wave (Wave 5) reaching the 81.00 area. Breaking the 93.574 area will push the DXY to retest the previous wave IV of 3 which is also the 200% Fibonacci Extension level at (94.500), and I think this could be the end of the DXY's corrective cycle and the start of a new impulsive wave to the downside for Wave 5.
As the DXY broke the 100% Fibonacci Extension level (92.077), we are aiming now for the 161.8% Fibonacci Extension level (93.574) as our first target for DXY before continuing its way down for an impulsive wave (Wave 5) reaching the 81.00 area. Breaking the 93.574 area will push the DXY to retest the previous wave IV of 3 which is also the 200% Fibonacci Extension level at (94.500), and I think this could be the end of the DXY's corrective cycle and the start of a new impulsive wave to the downside for Wave 5.
