amanpaulbhogal

Potential pull back area for "Dixie"

INDEX:DXY   U.S. Dollar Index
On the monthly chart, the US Dollar Index             has soared without a pull back since May 2014 leaving questions for a possible future retracement. Approaching the 1.618 Fibonacci extension (~101) and previous key resistance at 103 is a price region where the effect on price action behaviour will be of significant interest from a technical perspective to witness a potential pullback. Until then, Dixie continues to cycle offering short to medium-term long opportunities on the daily time frame.
I agree.

The way I see it, from an Elliott Wave perspective, DYX is approaching an intermediate 3 along with a minor 5, both cases suggesting a retracement.
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