Whilst it is subjective as to whether or not this has been a 5 wave pattern, I think it's fair to say that the odds of a DXY bounce from here look good. I'm looking at it from a point of view that other currencies against the USD look good to sell, namely the AUD, CAD and the EUR (at time of writing, these have already moved a little bit). Look to sell these currencies and watch the DXY for a bounce back to retracement levels that should confirm your on the right track. If it is a 5 wave pattern, then possibly we are beginning the B wave of an ABC correction. To me, a lot of thing line up
Note
The DXY has failed below the 50% retracement mark now, so something else is happening. I'd wait till March 2019 FOMC is out of the way and reassesNote
DXY could have a melt down now, so stand clear and lets take a fresh look at price action in a day or 2
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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.