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Minor33
Dec 23, 2016 7:37 PM

DXY Weekly Channel Short

US DOLLAR CURRENCY INDEXINDEX

Description

Top of Channel + Divergence + 5th Wave PRZ
Comments
kunsan
Nice chart, and I have had a similar view for some time. However I now believe an alternative pattern is playing out - a very large ABC from the 70 low in 2008. Wave 'A' was from 70 up to 100 followed by a 'B' wave sideways consolidation between 90-100. Now DXY is rising in wave 'C'. This wave 'C' will likely be 0.618 of 'A' giving a target of 108, or more likely C=A giving a target of 120. The 120 might take a couple of years to be reached. Note that the action the first wave 'A' rise from 70 to 100 can be interpreted as an abc with triangle b wave ending at 2. This is just an alternative view, but seems probable if one considers that EURUSD is likely to eventually hit the 80/2 area.
Minor33
@kunsan, thank you for your feedback.
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