I wrote a blog post about the US$ yesterday morning (click here for that post). The price action in the DXY US$ Index today makes it look like a possible high was made yesterday to complete the B-wave I have drawn on my weekly chart … here is that chart from yesterday’s blog post.
US Trade Dollar Index – Weekly Chart (as posted on November 12, 2018)
US Trade Dollar Index – 240 Minute Chart
US Trade Dollar Index – 60 Minute Chart
The 240-min chart shows that the ATR support is still in place, and I like to see that taken out before I begin to think that any daily chart is turning lower … that ATR support is at $97.03 vs the current price of $97.16.
Could crude oil have made a pukefest low today right on the heels of the US$ making an important top?? Yesterday, I thought crude would find support around the lower support line of the broadening price pattern chart. Here is that chart updated for today’s pukefest …
Crude Oil Futures Contract (CL) – 240 Minute Chart
Normally, the 3rd wave of a price structure will terminate around the 1.272x extension drawn off of the 2nd wave … if the third wave gets extended it would normally stop at the 1.618x extension target. Every once in a while, you get some real good capitulation like we did today probably in crude.
Anyways, the US$ top would be an important event for crude and other US$-based commodities.
Cheers … Leaf_West