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The reversal in the US dollar index trend was anticipated and I warned bears several days ago that the wedge pattern and A-B-C correction would be over soon and a reversal would occur. Two days ago the USD index broke the wedge pattern to the upside confirming the end of wave C and the start of a new impulsive wave.
Orange lines = bearish channel
Black lines = projected move that I expect
Blue line = overlapping level of wave A
The US dollar index has most probably completed wave C down and has started a new upward move that will bring the index to new highs. The important level to watch is at the blue horizontal line. The low of wave A should be overlapped for the bearish scenario that we are in an upward wave 4 to be cancelled. Although, the form of the rise from recent lows is impulsive, the bearish scenario will be canceled only when we break above the wave A low.
The weekly chart already looks impressive and its only Wednesday. The weekly candle has surpassed the previous red candle and is now moving towards the tenkan-sen (red line). I believe that the downward correction is over and that we should buy the USD index when it pulls back with 93.10 as stop.
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