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