As you can see on the chart, I think we had the top on Dollar Index at 103 and we are not going back there anytime soon. The entire Daily structure looks very much like a reversal to me (maybe a Head&Shoulders). With this being said, I also think we had the daily swing bottom set couple weeks ago at the price of 91 and we are not going back below until USD Index doesn`t make a deep correction.
I expect this correction to be either a 3 wave zig-zag or a 3 wave flat. In any case, would be watching closely the 0.50 and 0.618 Fibbonaci retracement levels of the entire move (103 to 91), as I expect the price to start turning bearish in that area.
I will be updating the chart as the structure develops and starts giving hints of the next moves.
I expect this correction to be either a 3 wave zig-zag or a 3 wave flat. In any case, would be watching closely the 0.50 and 0.618 Fibbonaci retracement levels of the entire move (103 to 91), as I expect the price to start turning bearish in that area.
I will be updating the chart as the structure develops and starts giving hints of the next moves.