As shown on this bearish alternate count in weekly frame, the U.S. Dollar Index is in the process of “correcting” the prior advance of Intermediate wave (3). This correction, that started at the 101.035 high on March 13, will ultimately amount to a partial retracement of this impulsive advance.
So far, prices have traced out a three-wave down, which could be labeled as Minor wave W, and a three-wave up in a flat, which could be Minor wave X. The correction so far could be part of a “Double zigzag” pattern that is not yet complete. In other words, the Index has more “correction” to go before Intermediate wave (5) up starts and carries prices to significant new highs.