Dollar Index - Nearly at the end of cycle wave 2!
We've been tracking the DXY in it's final stages of it's wave C of cycle wave 2. We're looking for this to end around the 98 region, we'd advise patience to confirm the end of this wave 2 before shorting the dollar as it could be a trap and the dollar could push a little higher towards 99 if wave 5 is extended. It is our belief that the Fed has either been signalling too aggresive an approach in raising rates and stopping QE and will have to either be more dovish or reverse course altogether if the economy starts to tank causing the dollar to become more worthless and risk on pairs and commodities flying to the upside in response to this.
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