Short term downwards movement expected to complete Dollar correction and signal start of new up trend.
The Dollar continued lower as our previous analysis expected and reached both of the downwards targets.
Hourly Count: Main
- Invalidation Point: 79.52
- Confirmation Point: -
- Downside Target: -
Elliott Wave chart analysis for the USD Index for 18 September 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 wave i orange is complete.
Downwards and sideways movement is expected within a combination correction for wave ii orange.
Movement below 78.10 would invalidate this wave count as wave ii orange may not move beyond the start of wave i orange.
This hourly count sees waves (A) and (B) aqua within wave Y purple of wave ii orange as complete.
Further downwards movement is expected within wave (C) aqua.
Within wave (C) aqua waves 1 through 3 red are complete and the Dollar is seen within wave 4 red. Very short term upwards movement is expected within wave 4 red, before the a new impulse to the downside is expected.
Short term invalidation is with movement above 79.52 as wave 4 red may not move into the price territory of wave 1 red.