Elliott Wave Analysis of USDDKK (Added USDPLN)
|When I look at counting the DXY, I also try to correlate the idea I am working with on the DXY with many of USD$ pairs such as USDPLN and USDDKK. The pattern on USDDKK appears to suggest the recent spike is a post thrust from a triangle. Ideally it holds above 6.46 and further upside is seen to end wave [v] to complete 5 waves for wave [v], which would then suggest a potentially completed larger impulse wave from the Feb 2018 lows.
The correlation between the DXY and USDDKK is a strong correlation so it’s worth watching the USDDKK for clues to the DXY. If the current idea on USDDKK is a 5th wave of a larger impulse wave from the Feb 2018 lows, then its supporting the idea the DXY is close to ending its respective 5th wave and the trend from the Feb 2018 lows is finally coming to an end and setting up for a large pullback/decline.
If you are long and bullish the US$, be very careful as I think this trend is close to exhaustion and setting up for a reversal on many US$ pairs such as USDKK and USDPLN etc.
USDDKK
USDPLN
DXY vs USDDKK & USDPLN
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