Elliott Wave US Dollar Index 4Hour
Elliott Wave US Dollar Index 4 Hour Chart
Friday, 4 November 2011 at 5:50:00PM AEST
-3-wave done!
No change!
Bottom is in place on dollar index, after an impulsive bounce through the falling channel resistance line. Notice that decline from the pick was also made in three waves, which we know its a contra-trend price structure. As such, we definitely expect more gains in coming sessions and days while prices trade above Oct 27th low.
Elliott Wave US Dollar Index Daily Chart
23 October 2011Elliott Wave US DOLLAR INDEX Daily
-wave 2) pull-back searching for a support
Elliott Wave US Dollar index is reversing sharply lower after a few weeks of a bullish trend. Well, reversal is considered as corrective wave 2), which is only second leg of a huge blue wave (3) that started at 73.40. As such, we favor more upside for the buck, but currently price is falling so we need to see and identify end of a current pull-back, before we may look for strenght again. We will keep an eye on support around 76 region; 61.8% retracement area.
*Wave 2) must not fall below 73.40 otherwise wave count will be invalidated.
Elliott Wave US Dollar Index Weekly Chart
11 September 2011 Elliott Wave US DOLLAR INDEX Weekly
-breakout, wave B9 complete!?
Elliott Wave US Dollar index moved significantly higher in this past week, and broke through an important trend line resistance, connected from 2010 pick. We can also see a very powerful bullish candlestick which definitely signals for more strenght on this makret. As such, we think that major bottom has been reached on dollar index and that prices will trade much higher in coming months. We expect a bullish run within a red wave C) /3) as wave B) appears complete at 72.70.
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