DXY Index – Is that the end of a 5 wave bull market?
DXY Index: It appears as though the 5 wave bull market is indeed over as expected. Last week’s poor close has meant that an evening star pattern has been posted at the trend high and further losses have followed this morning.
The DXY index is expected to fall down to the 55 dma at 85.66 and then the support area around 83.10 over the coming days. Over the long term the index should test the 200 week moving average at 78.95. Again the price action is similar to that seen in 1994.
DXY Index – Long term chart
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