US Dollar Index bounces off fib 0.618 @ 90.85
US Dollar Index had dropped through 90.85 mark yesterday, before finding support and bouncing back. It was the fibonacci 0.618 retracement of potential Wave (i) if 3 labelled on the chart here. The most probable wave structure is as follows: Waves 1 and 2 are in place around 91.58 and 89.70 levels respectively. Further lower degree waves (i) and (ii) are also in place around 93.44 and 90.80 now. If correct, a (iii) of 3 should be in progress soon towards 94.50 at least.
Long against 89.70, towards 94.50
Long against 89.70, towards 94.50
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