The US Dollar Index pipped higher above 97.00 levels in the past 24 hours. Please note that it is not a significant high but just a test as of now. Looking into the medium term wave counts, the US Dollar index could be unfolding into an A-B-C expanded flat at this moment. We can clearly count a-b-c, Wave A termination at 93.80 levels, followed by another a-b-c, Wave B termination at 97.06 levels. If this structure holds to be true, we can see Wave C dropping lower from here swiftly. A break below 96.30 levels could be confirmation that a meaningful top is in place. Conservative traders could wait for a break below 96.30 levels before selling again on intraday rallies.
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Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.