USD index breaking out of a triangle – Elliott wave analysis

Gregor Horvat Wavetraders

USD index started trading below the lower triangle line, which indicates a completed Elliott wave triangle correction in wave 4), and a wave 5) of five to be underway. Possible support, and a bullish reversal zone can be at the 92.0/91.7 level. A later impulsive recovery, and breach above the 93.4 level would be first evidence of a low in place, and for a minimum, three-wave bullish reversal to be underway.

USD index, 4h

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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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