Wave 4 correction looks complete for the DXY.
The DXY broke back down into the channel and is now testing the middle band of the channel. This should be the end of the wave 4 correction and we should see more upside to come for the dollar index. We should see some choppiness in the coming weeks before a break up farther to break the top and for the final wave 5. This final wave should hit the 99 price levels.
BULL CASE
This could be the bottom if price does not break the low formed at 94.6. We will get in on the correction when RSI hits 5 on the 4hr, place a SL on 94.6 and ride it all the way to 99.
BEAR CASE
If 95.6 fails to hold, we could be seeing a deeper wave 4 correction and this could bring us all the way down to 93.1. However, we think this is unlikely unless the fed announces major changes to their taper plans.
BULL CASE
This could be the bottom if price does not break the low formed at 94.6. We will get in on the correction when RSI hits 5 on the 4hr, place a SL on 94.6 and ride it all the way to 99.
BEAR CASE
If 95.6 fails to hold, we could be seeing a deeper wave 4 correction and this could bring us all the way down to 93.1. However, we think this is unlikely unless the fed announces major changes to their taper plans.
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