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DXY Is Slowing Down As Stocks Nearing Support

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May 19 2022

Hello traders, today we will talk about US dollar Index- DXY compared to US stocks, specifically SP500 .

What we see on DXY is an intraday five-wave decline from the highs after a completed higher degree wave 5th. In Elliott wave theory it means that US dollar may face bigger A-B-C corrective decline, especially if we consider 5th wave and strong support on SP500 .

Now that SP500 keeps pushing lower with room for more weakness within wave 5, DXY could face a corrective recovery into wave B. Later then, when SP500 completes its 5th wave and finds the support, this is when can expect further weakness within wave C for the US dollar .

Trade well!

DXY Is Slowing Down As Stocks Nearing Support by ew-forecast on TradingView.com



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