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 (@alexanderyf) you would have seen this tweet by me……
— Alexandros Yfantis (@alexanderYf) February 16, 2018
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.
Thank you for taking the time to catch up on my thinking.