The US Dollar Index might have formed a meaningful top around 97.70 levels as we have been discussing earlier. Please note that the ending diagonal structure for (5) th wave proposed here would remain valid till the US Dollar Index stays below 98.10/15 levels. Looking at the lower degree waves unfolding since 97.70 levels, a potential 3rd wave (lower degree not shown here), could unfold from 97.00 levels, accelerating the drop below 96.00 levels. Please note that a break below 95.65/70 levels would be encouraging to the bears and also confirm that a meaningful top is in place at 97.70 levels. An aggressive trading strategy could be to remain short against 97.20 levels, while a conservative strategy could be to remain flat and allow break below 95.65/70 levels before selling on rallies.
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Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.