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US Dollar Index USDX Chart Analysis for 6th November 2023

Looks like wave 4 is still in progress, or perhaps formed almost there, but this pull back will lead index funds to move higher globally. Almost all indices were up on Friday close last week, and now Monday starts with a bang!

When US Dollar Index, DXY goes down, Nifty50 goes up, an inverse relation to the Dollar Index. More on this on educational blog. Coming back to analysis, here I am looking at wave 4 to end soon, and then upwards to complete wave 5, and eventually wave 1 of higher cycle as mentioned in the chart below.

DXY

This also means that the pull back from higher cycle wave 1 to 2, will eventually lead Index to new highs, perhaps breaking the previous highs on charts like Nifty 50 and Bank Nifty. Bitcoin should also move higher in these pull backs, an eventual shift even when people are talking about crypto alt season coming soon.

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