Should dollar be higher than 96?

TVC:DXY   U.S. Dollar Currency Index
We are currently looking a big sell off in equities , the question in my mind at the moment is , shouldnt the dollar be alot higher than 96? and to be honest it should but then again we have to take it in phases because often the dollar does surprise .
if we go back as of the late 2016 the consolidation leading up to the dollar upswing of 103.80 we could have asked the same similar question, shouldnt dollar have gone alot higher after over 12 months in consolidation?, well our limitation was due to fib price ratios , lets have a broader view of this chart and pick a deeper perspective of this move we can see with an extension 103.8 was 61.8 of the move , chart will be below
On shorter term view extension indicates turning point around 96 mark for the dollar .
although will have to keep in mind for an upswing of the s&p which could push price upward of 100 with a potential double zigzag


We are waiting for the weekly close to confirm weekly uptrend and our target 98
+1 Reply
da-bag trendsniper10
@trendsniper10, questionable , 98 is bit far stretch
+3 Reply
@da-bag, Not really...if you look at this W pattern and draw from the neckline...that would come up a little short...I'm thinking about .97
da-bag jimmythis77
@jimmythis77, short term , bais is long with a pull back at neckline ,forming an a-b-c formation leading upto 96, fib price ratios tell a different story all together, The US$ dollar index has fast approached upside targets of 93.52+/- this week, falling shy but trading today in close proximity to 93.17. This five wave impulse uptrend began from the late-May low of 89.54 which means a counter-trend corrective decline is not too far off getting underway. What does that mean for the risk-on/risk-off trade? – it suggests a mild correction for the dollar as a period of risk-on returns, or is this simply indicating Thursday’s ECB meeting will signal some massive movement in the markets and ofcourse impact the dollar too
@da-bag, IC...thanks