Here is a point and figure chart of the US Dollar Index. I last commented on the dollar here.
As you know I have been bullish on the dollar and wrong (so far). But the bearish consensus on the dollar is so overwhelming that I am determined to stick with my view even if I go down with the ship.
I do think that the dollar has pretty much exhausted its potential for the down leg which began from the 92 top which was established in December 2005. The market has dropped almost 2 years and about 18% from there. Moreover, the point and figure count across the top formation which I have illustrated here projects a low at 75.00, a level which was nearly hit today. I think we shall soon see the start of a multi-month rally which will carry the index at least up to the 85 level.