Intermediate Fourth Wave Underway :
The Dollar Index retraced through the 38 percentage of Intermediate extended wave (3). The decline from the 100.785 high on March 13 could be counted as initial segment of an extensive correction underway.
The Intermediate fourth wave developing has traced out in the following alternate views on weekly charts:
- Developing in the sideways as an A-B-C-D-E triangle, which its Minor wave A has completed, Minor wave B rally is in progress and Minor waves of C, D and E lie ahead.
- Developing to the downside in an A-B-C zigzag, which its Minor overlapping wave A could be as a leading diagonal still in progress, and Minor waves of B and C lie ahead.
Both interpretations carry the same message : The correction will continue to progress over the coming months.