The US dollar roared to an early March top, then proceeded with a bearish phase that sure can fit into a flat. By about the 27th this correction was over and a bullish phase started which is still in progress. In this case I would love to see the US dollar soar and completely retrace the top, as that is what corrections are supposed to do.
From my perspective the US dollar bear market will resume until my contrarian indicators start to tell me otherwise. The commercials are still net short the US dollar, but the speculators are getting close to a 1:1 net short/long ratio. I don’t want to see an even ratio, but I would like to see the speculators become extremely net short before I turn bullish on the US dollar.