USDollar costs 3.7299 soles; Bitcoin $39700; US Oil $100.98; Gold $1966
The dollar has been taking a beating since putting in its all-time high at 4.1448 Sol per Dollar on Sep 18 2021. But it looks like it might be over. The chances are good that a bottom has been put in for now at the 3.6175 April 4th low. The drop lost .5273 soles and cut out a five wave fractal calling a possible end to the long downtrend.
Plus, the move up since has been sharp and is close to pushing up through the Intermediate upper channel trend line. But it’s important to remember, that the move needs to break this trend line to confirm the larger five wave series down complete. Not only this but it would be even better once price has gotten over the 3.7960 March 21st high.
The chart below is a 2 hour closing line chart. You can see five waves complete at the 3.72 high. Notice that price is now testing this high. Wave tows at these junctures usually retrace to at least the .618%. This one just got passed the .214%.
Price is probably still in a wave two contraction. If so then this testing of the 3.72 high should be wave-b of an expanded flat. These usually wave b-waves that retrace no more the 138.2% of their a-waves. Below is a 15 minute closing price line chart with the retracements up to the 138.2%. The 114% is the first line.