of stock market psychology
yeah, big retracement on DX to 62 percent level. We go below 80.07 (78 percent), odds increase that we'll go below yesterday's low and that would punch thru the lower channel line of the rising channel. If that happens, the dollar rally could be toast.One thing that bothers me about the dollar rally from the 11/3 low is that on the daily chart it doesn't show a clear 5 waves up. It's possible the first wave up completed on 11/16 and wave 1 of 3 completed at the high on 11/30. And the move up from the 12/14 low can be counted as 1 of 3 of 3, putting us now in 2 of 3 of 3. --IF-- that is the count, then once the corrective pattern completes, we should see a very strong and sustained move higher (3 of 3 of 3). All this is conjecture at this point, we'll just have to wait and see how it plays out. This count will be invalidated if DX trades below the 12/14 low (below 79.14).
DX hit round number 80.00. That should be it. Wave 2's often retrace more than 78.6%.