DXY Targets 50-55 Points as ABC Wave Aligns with Golden Fibonacci Retracements

News

Crypto Traders are Still Bullish for September

  • DXY’s ABC corrective wave nearing completion, targeting equilibrium near 50–55 points with key Fibonacci levels at 76.4% and 61.8%.
  • The historical inverse correlation between DXY and Bitcoin suggests potential Bitcoin growth as the dollar trends downward.
  • The DXY’s current structure mirrors 2017’s fractal patterns, hinting at a possible 10% decline post-correction.

The US Dollar Index (DXY) is nearing a critical juncture as it approaches the completion of an ABC corrective wave. This development brings the index into a confluence zone defined by significant golden Fibonacci levels, marking a potential turning point in its macro trend.

Confluence Zone and Technical Dynamics

The DXY’s current position aligns with major golden Fibonacci retracement levels, indicating a high probability zone for price reaction. These levels often serve as pivotal areas for market behavior, where reversals or accelerations can occur. The observed technical structure suggests that the ABC correction is close to fulfillment, which could have implications for broader market dynamics.

According to XforceGlobal analysis, the wave pattern indicates a potential corrective wave C formation, targeting equilibrium near 50–55 points. The current move in wave (5) may complete the corrective pattern, which began earlier.

Source: XForceGlobal(X)

Key Fibonacci retracement levels include 76.4% (115.354) and 61.8% (109.731). The chart suggests strong alignment with previous fractal structures, signaling further downside. 

Correlation with Bitcoin’s Fifth Wave Projection

This potential shift in the DXY aligns with ongoing projections for Bitcoin’s fifth wave in its broader Elliott Wave structure. Historically, the inverse correlation between Bitcoin and the DXY has been a notable market characteristic.

 A directional shift in the dollar could impact Bitcoin’s trajectory, especially as the cryptocurrency market watches for key technical levels and broader sentiment cues. A drop in the dollar typically coincides with Bitcoin’s growth and other alternative asset rallies. Historical data associates post-inauguration dollar declines with potential 10% yearly contractions.

Historical Context: 2017 Inauguration Fractal

Adding a layer of historical context, the DXY’s current setup mirrors patterns observed during the 2017 inauguration of President Donald Trump. During his first year in office, the index experienced a significant decline. While past performance does not guarantee future outcomes, historical price action provides a comparative framework that resonates with the present technical setup.

The post DXY Targets 50-55 Points as ABC Wave Aligns with Golden Fibonacci Retracements appeared first on Cryptonewsland.

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed

Leave a Reply