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USD INDEX Is Setting Up for Potential Decline

TVC:DXY   U.S. Dollar Currency Index
The decline from 99.66 unfolded as a leading diagonal structure, labeled i-ii-iii-iv-v. According to Elliot Wave theory, leading diagonal always point toward the direction of the major trend.

Also, once a five-wave impulse is completed a three-wave retracement follows. In the Dollar Index case, the corrective pattern seems to be unfolded as a w-x-y double zigzag and has fulfilled the requirement.

Confluence that the price is also sitting at a resistance zone and approaching 78.6 Fib, a bearish reversal is imminent.

While the 99.66 invalidation level remains intact, watch out for bearish price action signal from the resistance zone . The breach of the Flag channel or blue horizontal line will confirm the bearish setup.

What's your view on Dollar?

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