US Dollar still carving Wave 2 lower towards 92.30/45 ?

16 Sep 2020

US Dollar Index might be still working on its corrective drop, potential Wave 2 towards 92.30/45 mark, which is the fibonacci 0.618 retracement of earlier rally. The indice has earlier carved Wave 1 between 91.75 and 93.65 levels, as bulls registered themselves. Corrective waves at times may be complex and takes more than expected time. The most probable count here could be a flat (3-3-5) structure unfolding as A-B-C. Wave C might be underway, unfolding as a potential ending diagonal. If the above is correct, we should see yet another low below 92.69, before bulls are back again. The US Dollar Index remains a good candidate to be bought on dips through 92.45 mark.

Long against 91.00, target is open.


Good luck!