DXY and commodities usually don't move in the same direction.

One of them has to give-in.

My money (not literally) is on commodities reversal in near future.

Even in the past, whenever the inverse relationship appeared to be broken, it always resolved in the favour of USD.

More from Mayank Narula

I will be a buyer under 13800 levels, but depending upon the reversal on smaller timeframe.
#Nifty

So now that Nifty has undergone ABC correction in the expected manner, what to expect next?

I think we have started larger degree wave 3, once 16800 was crossed.

16800 is the reference level now. We will get more sense by end of next week/ month. https://t.co/KsziuUpZxU


#NIFTY

If 17445 is taken out, then may be we are heading to fresh new all time on Nifty.

Things may pan out way faster than expected.


#NIFTY

Zoomed in cross-section of the chart above.

Wave 3 of 1 should have started today, which can take Nifty to fresh all time highs.


#NIFTY

So now Nifty is moving more clearly on the expected path, what's next?

Nifty has started longer term wave 3 advancement, pending final confirmation of HH by crossing 17800.

In Wave 1 of 3, can expect a move to 20k+.


In terms of longer term wave structure:

Wave 1: 7500 to 18600
Wave 3: 15700 to 35000+

And this can pan out over next 2 years or so.

Since wave 2 was a shallow correction, wave 4 can potentially be a deeper correction.

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