The Dollar Index and a Wyckoff perspective
The macro analysis starts with the 2001 high in the Dollar Index. The macro down-leg ended in 2008. Prices rallied after the low in 2008 to a high in early 2009. The rally to the high in 2009 is the Automatic Rally (AR) that follows the Selling Climax (SC), (i.e. the low in 2008). This combination of price actions should be followed by a Trading Range (TR). The purpose of trading ranges is either “accumulation or distribution.”
Therefore, the selling climax low in 2008 stopped the macro decline from the 2001 high to the 2008 low, but in macro terms was the macro bear market over or was it just on macro hold?