Elliott Wave Analysis: USD Index Could Be In For Higher Levels

Elliott Wave Analysis: USD Index Could Be In For Higher Levels

31 May 2016, 17:03
Roberto Jacobs
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Elliott Wave Analysis: USD Index Could Be In For Higher Levels

On USD index daily chart we are observing a big sideways pattern since start of 2015; it's slow and overlapping price action which is a personality of a contra-trend movement that can be completed now. It was a flat correction in black wave IV; a three wave structure where final wave C should be made by five waves. Well, we can see a nice decline from November of 2015 counted in five legs, but as an ending diagonal. That's a reversal pattern which may send price into a strong bullish mode in the second part of this year, after recent recovery above 95.22 and through the red trendline resistance. That said, be aware of more gains ahead.

USD Index, Daily

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