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US Dollar index looks ready for a large decline
Let’s first look at a monthly chart. We ca see a perfectly completed Five Wave fractal that started in 2011 and topped in the beginning of 2017.
Off that 2017 top we are supposed to get a corrective A-B-C move down. The first wave of decline labelled as A found its bottom in spring 2018. Since then we have been in a corrective rally, in wave B up.
DXY - Monthly chart updated on 12 March 2019
If you zoom-in to Daily chart ( below ) you will clearly see a bearish Head and Shoulders formation where the current rally in wave B up is a perfect right shoulder. Off this top we should get an impulsive decline in wave C down that should be several months long.
DXY - Monthly chart updated on 12 March 2019
