One more move to a new high before deeper second wave correction lower

The Dollar has done as the main hourly wave count expected and we saw upwards movement. The Dollar has however not reached the upwards target yet.

We continue with the previous main hourly wave count today, but we have made some adjustments to better fit the wave behavior.

Hourly Count: Main
- Invalidation Point:80.90
- Confirmation Point:-
- Upwards Target:81.35

Elliott Wave chart analysis for the USD Index for 14 November 2012. Please click on the charts below to enlarge.

Main Wave Count


Within wave 3 blue waves i and ii pink are seen as complete. Wave iii pink is expected to be subdividing into green degree with waves (i) and (ii) green complete. Within wave (iii) green we expect waves i and ii orange are complete.

Waves 1 and 2 purple within wave iii orange are complete and the Dollar is expected to be within wave 3 purple.

The lack of any real increase in upwards momentum has prompted us to adjust the lower degree wave count.

Movement below 78.93 would invalidate this wave count as no second wave correction within wave 3 purple may move beyond the start of the first wave.


The hourly count sees the Dollar within wave 3 purple. Waves (1) and (2) aqua within wave 3 purple are complete and upwards movement within wave (3) aqua is expected. Within wave (3) aqua waves 1 and 2 red are complete.

We have not seen any long lasting increase in upwards momentum and therefore I expect the Dollar may be within a leading diagonal for wave i dark purple within wave 3 red with waves (i) through (iv) olive green complete.

Upwards movement is expected within a zigzag structure for wave (v) olive green.

At 81.35 wave (v) olive green would reach .618 the length of wave (i) olive green. This ratio would ensure wave (iii) olive green is not the shortest wave within the impulse for wave i dark purple.

Movement below 80.90 would invalidate this wave count as no second wave correction within wave (v) olive green may move beyond the start of the first wave.

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