DXY Weekly chart
DXY is in a correction structure
The issue is if this correction is ABC or ABCDE
It looks like a wedge, and trendline from previous highs is already broken
The critical level is 91.7 the retest of this broken trendline
If trendline holds, then the dollar will continue rally towards 164
But if price fails retest of this trendline, then the correct wave count could be abcde
This would imply a wave e with target around 65
This scenario, would also need a moving average cross for confirmation
For a very longterm chart, please see this link:
www.zerohedge.com/si...2/20140208_long6.png
DXY is in a correction structure
The issue is if this correction is ABC or ABCDE
It looks like a wedge, and trendline from previous highs is already broken
The critical level is 91.7 the retest of this broken trendline
If trendline holds, then the dollar will continue rally towards 164
But if price fails retest of this trendline, then the correct wave count could be abcde
This would imply a wave e with target around 65
This scenario, would also need a moving average cross for confirmation
For a very longterm chart, please see this link:
www.zerohedge.com/si...2/20140208_long6.png
