15 Mar 2021 ● 07:51 AM
On the weekly chart of the dollar, the weekly momentum is back above the 0 line and the dollar index itself closed negative for the week after a 3 wave advance. The wave structure, therefore, remains counter-trend in nature and the expectation is that you will eventually roll over and start another wave down. The 40 week average at 92.74 is the key resistance. The dollar may start the next move down from your itself or spend some time forming the wedge or a triangle before it does so. The yellow markings show the preferred wave count where wave 3 of 3 down is due next. The alternate wave count in blue shows a larger degree 2nd wave near completion.