Dollar Index Contrarian View Again
Alexandros Yfantis | Jun 18, 2018 01:12AM ET
Greetings everyone and wishes for a great weekend. Back in February I was trying to catch a Dollar bottom and reversal to the upside….if you follow me on twitter you would have seen this tweet by me……
Now that the Dollar index has finally reached my target…..I choose to be a contrarian against the sentiment of most traders calling ‘King Dollar’ back in control of the fx markets……I believe in June and latest early July the Dollar index will make a major top. Price has reached almost the 50% retracement of the decline from the highs and the previous 4th wave area.
I expect over the coming 3-6 months the Dollar to plummet and sell off towards the 80-82 level. Current price is action is also showing divergence signs and we are close to completing wave 5 of wave C. The reversal will be huge.
I’m already starting to open short Dollar positions and will continue to do so over the coming weeks. This is my longer-term perspective and expectations.
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