Short term USDX index Elliott Wave view suggests that the decline to 8/02 (92.54) low ended intermediate wave (3) then the rally from there is unfolding as a a double three Elliott wave structure. As the structure from the 8/02 looks to be overlapping, hence suggesting it’s corrective structure, either W,X,Y or W,X,Y,Z.
Where the first leg higher ended in Minor wave W at 93.77 & pullback to 92.93 low ended Minor wave X. Minor wave Y currently in progress as double three structure , where Minute wave ((w)) ended at today’s peak 94.04. And while near term dips remains above 92.93 low index has scope to extend 1 more push higher towards 94.27-94.59 100%-123.6% fibonacci extension area to end the cycle from 8/02 lows in intermediate wave (4) bounce then index has scope to resume the decline or should do a 3 waves pullback at least ( if it continues to extend higher later on as W,X,Y,Z). However we don’t like buying the index and expect seller’s to appear again in between 94.27-94.59 area for more downside or for 3 waves pullback at least.
