GWaves
Short

USDOLLAR | Bearish Wolfe Wave | Targets Defined

FX:USDOLLAR   Dow Jones FXCM Dollar Index
Hello Traders,

The US DOLLAR             , which is a basket of major currencies weighed against the USD, is showing signs of weakness after an explosive move to the upside. Here we have 3 potential targets. The first target, and highest probability target, is Geo's Off-Set Rule #3 at point 3, followed by Geo's Off-Set Rule #2 at point 4, and finally the 1-4 target line. Although I expect the 1-4 target line to hit, Geo's Off-Set targets are placed on this chart for visual purpose. What you should be looking for here is consolidation and support at these levels as the index moves to lower depths.

Stay tuned for more updates.

Best,
Chartistry
Comment: UPDATE: Consider the following.

snapshot


The USDOLLAR Index made another high after the Fed announced its decision to raise the interest rate. One of two things can happen here.

1. The USDOLLAR Index will continue to rise invalidating this idea.
2. The USDOLLAR Index will fall from this level hitting Geo's Off-Set Rule #3 as the Highest probability target, Geo's Off-Set Rule #2 as the Medium Probability Target, and Finally the 1-4 line as the Lowest Probability Target.

The next week should be interesting.

Best,
Chartistry
Comment: UPDATE: USDOLLAR inches closer to invalidation line. However, I expect a strong move to the downside here.

snapshot


Best,
Chartistry
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