DXY to crash soon?Please read entire description!
Bearish Wolfe waves forming inside an ascending wedge on the daily timeframe charts of the dollar currency index.
We have entered the monthly resistance band of the ascending parallel channel on the monthly charts and we have reached the top of a channel that we have been trading inside on the daily chart. We are approaching the top formed right before the "dotcom" bubble burst causing all markets to crash (late 90's - early 00's) as well.
I think a decent correction is overdue especially with The Federal Reserve hiking interest rates steadily and with CPI (and inflation rates) reaching high numbers that haven't been seen for over 40 years.
I don't think is it really possible to pinpoint the top for this run but we are certainly getting closer imo.
We could start the downtrend from the top of the daily channel, monthly channel, or reach all the way to the top of the dotcom crash (which relatively isn't too far away).
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Monthly chart channel (resistance band marked in red):
Daily chart channel:
The bigger picture (daily support levels marked in teal):
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Thoughts and opinions appreciated.
