Dollar Index Will Trade Higher in 2012
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Dec 29 2011
Dollar index moved significantly higher in the past few weeks after a breakout through the trend line resistance connected from 2010 pick. As such, decline from wave X high is identified as a three wave move, part of a huge corrective wave B/2 that started back in 2008. Notice that the whole price structure from 2008 is trapped between two parallel trend lines and that moves were quite choppy during this period. In fact, recent bullish reversal occurred exactly from the lower support line of that channel, which in many cases is forms an end of a corrective price action. As such, we believe that wave B)/2 is done, which was a complex double three formation and that dollar will trade much higher in coming months if not years, with wave C)/3) towards 88/90 area.
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