Elliott Wave Analysis: Bears May End on USD Index?

Gregor Horvat Wavetraders

Hello traders!

USD Index is clearly bearish, down from 97.7 region, where a former higher degree a-b-c pullback had found resistance and pushed price into a sharp fall. We labelled a new, higher degree, five-wave cycle in progress, with price now unfolding final stages of a wave i as part of the same cycle. After a five-wave fall fully develops, a temporary three-wave retracement may follow with possible resistance near the 96.50/96.70 region.

USD Index, 1h

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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