.Nearly every major currency has lost ground against the U.S. dollar last month, an offshoot of the Federal Reserve’s campaign to rein in inflation through higher interest rates. For Americans, a stronger dollar means cheaper imports and trips abroad.
Lately, the greenback has been going crazy, steadily rising, but it seems that most people want to see the dollar fall or have negative comments.
Well, I go to the charts. What I see now is an ending diagonal on the charts. And; according to Elliottwave theory, following an ending diagonal the rise will be at the beginning of the diagonal.
As for recently, we are still between channel lines. We are looking to see what happens. If this is a true Wave 5 of 3, the C-Note skyrockets to around $120 at a faster than normal rate. If this is not the case; we will break the bottom channel line.
No matter If this is an impulse or a corrective wave to the upside. It does not look to be done, in my observation. Stay Tuned!
