INTRADAY CHART
2nd April:
The strength continued and made a new high before reversing and this appears to imply we are now recycling back to the 82.05 low and probably just below. We should be close to the end of Wave a of Wave iii and thus while Wave b holds below the 50%-66.7% retracement in Wave b between 82.84-95 we should then see losses down to the 198.4%-223.6% projection in Wave iii at 82.13-25. With Wave ii deep we can only expect around a 23.6% retracement in Wave iv that would then imply losses to the high risk area at 81.80-00.
Look for bullish divergences and other reversal indications to confirm the low and to suggest the ressumption of the main bullish daily trend.
RATIO TABLE
Good trading
Ian Copsey
View the original article: http://forexforums.dailyfx.com/blogs/fx-forecaster-com/16474-weekly-outlook-dollar-index.html
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