US Dollar Index Targets Below 94.65 As Wave 3 UnfoldsUS Dollar Index had dropped between 103.00 and 98.29 subdividing into 5 waves, hence labelled as Wave 1. The subsequent rally was corrective and found resistance around fibonacci 50% retracement (100.93), potential Wave 2. Sine then, Wave 3 could be underway towards 94.65 and lower. A drop below 98.90 would confirm the above. Alternately, Wave 2 could be still unfolding and might test fibonacci 0.618 retracement at 101.20, before terminating. Either ways US Dollar Index remain bearish as long as prices stay below 103.00 resistance.
Strategy:
Short against 103.00, targeting 94.65
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