The U.S. Dollar Index, in this monthly frame, is in the process of correcting the prior impulsive advance of Intermediate wave (3) of Primary wave C(circle).
The undergoing wave (4), in comparison to the prior corrective wave of the same sequence, seems to have more correction to go before Intermediate wave (5) up starts and carries prices to significant new highs.
Expect more correction in US Dollar Index :
On the monthly bar, the U.S. Dollar Index seems to be currently correcting a third wave of a five-waves sequence of Primary degree which started from the 76.95 low on May 2011.
The ongoing correction, as the Intermediate wave (4), has potential to develop even more. Because, in comparison to Intermediate wave (2), it has not yet achieved the minimum objectives in price and specially in time.
Elliott Chart 