Dollar Index at multi-year highs

January 12, 2015 09:13 AM
Elliott Wave Analysis: USD Index

[node:field_image:alt]

The USD Index is making a pullback as expected, which we think it's a fourth wave after a completed extended black wave 3. As such, we are now tracking wave 4 that can retrace for 38.2% or even back to former wave four before market turns up again. With that said, be aware of another leg-down in the short-term, close to 91.37 from where price could bounce up into wave.


USD Index 4-hour Elliott Wave Analysis

 

Page 2 of 2
About the Author

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/