As you can see, the US dollar index has completed a 5-wave uptrend and after touching the top of the uptrend channel and breaking the uptrend line, it is currently in the second correction wave. I expect to see the beginning of the third correction wave soon. This may coincide with the reduction of the US interest rate in next week!!
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Update after 14 months:The analysis has played out quite accurately so far, with one exception — wave (B) turned out slightly different than expected.
Now, we’re seeing a break below the channel support. Two scenarios are likely here:
1️⃣ It's a fakeout — in which case, price should return to the channel soon.
2️⃣ The break is valid and the pullback completes — meaning wave (C) could be larger than expected... it might even be wave (3)!
Stay alert for confirmation in the coming candles. 📉📈
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.