SUMMARY
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The US Dollar (DXY) has been traversing through a price channel since the 1980s as shown by the chart below. The yellow parallel lines have contained the price moves quite well. Another pattern has been the rounded price formations. The blue and the purple lines outline a pair of fractals where the purple is not yet complete. It's likely that the upper trendline will be tagged.
So, by adding the Elliott Waves, the downward channel is labeled as ABCDE sequence (red). The D wave is not yet complete and if it does, the USD should rise to tag the upper trendline. The small downward wedge (white) should breakout to the upside. Could there be a D wave breakout? Yes! That has to be placed into awareness. However, the next E wave down would occur in an ABC subwave sequence. Once complete, an impulse set should take prices back to the upper trendline and ideally higher with a decisive breach.
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