US dollar index (DXY): possible reversal soon

I still favor that very long term we are likely in a consolidation such as a triangle before a collapse of the dollar as is suggested in the 2 week chart. On the 2 day chart you can see a up correction of the fall of the dollar that started in late March of 2020. I have labeled the correction as .a to .b. This move up is a 3 wave zig zag. Often there is a Fibonacci relationship between these waves with 1x, 1.62x, and 2x fairly common. This is a end of day chart but currently on a live chart the DXY is 95.9 almost at the 1.62 level, and at the upper aspect of the up channel, and a 50% correction. So it seems like a possible reversal point. Of Couse this could be wrong. So use this idea to anticipate BUT Wait for price action to confirm.
Process your way. Make your own decisions. Take good care.

Commentaire:

Possible reversal pattern starting. Down again today. Longer term confirmation would be a close below the current up channel.