As mentioned in the last posting, the U.S. Dollar Index made a five wave move to the upside beginning in March 2008. That impulse pattern is either wave '1' of a larger impulse or wave 'A' of a larger zigzag. Since the correction from the high has been so long and deep I favor the larger impulse scenario, which implies the action from the March 2009 high has been wave '2'. So far the correction appears to be playing out as a Flat. Waves 'A' and 'B' are complete. Is wave 'C'? I will look at that using a daily chart next.
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