E USD Index Can Be Ending A Downtrend; A Reversal Is In View

USD index is still trading bearish, specifically in final stages of black wave 5 of 5). We can see the recent rally as a corrective wave 4, that found its resistance at the 96.21 level, from where a new drop lower occurred. That said, ideally current black wave 5 will now search for support and a low near the lower channel line, where a new bounce higher can follow. A five wave recovery from the lows and a breach above the 96.21 level would indicate a change in trend.

USD Index, 4H