Nearing a Top in the DollarThe Dollar is nearing a medium-term top as a wave B of (4). While we may have already reached the top, I would still expect one last move up with the DXY peaking just under the 100 mark around 99.7. This would fit well with the length of wave c being equal to wave a.
Once a top is confirmed, the price movement should resume the downtrend to complete the corrective wave (4) somewhere under the previous low of 92 and above the 50% retracement of the full wave (3) extension of 89.7 around mid-to-end 2017. An alternative count could see wave (4) develop as a triangle which would extend the correction further time-wise.
Interestingly, the count sees the dollar peak around the time of the US presidential elections. On Friday, following the announcement that the FBI would reopen the investigation into Hillary Clinton's emails, the dollar slipped against major currencies due to the political uncertainty tied to a Trump lead. I wonder if the pattern that is taking shape is an indication of things to come. Stay tuned...
