Hello fellow traders. In this technical blog we’re going to take a quick look at the past Elliott Wave charts of Dollar Index USDX published in members area of www.elliottwave-forecast.com. As our members know, USDX have had incomplete bearish sequences in the cycle from the January peak, suggesting further decline. Consequently , we advised our members to avoid buying the index in any proposed bounce and keep on selling the rallies in the sequences of 3,7,or 11 swings against peak whenever there was an opportunity to do so.
Let’s take a look at the previous short term Elliott Wave forecasts.
USDX 1Hour Elliott Wave Analysis 1.18.2018
As we can see on the charts bellow, wave (4) blue pull back is in progress, unfolding as ABC Flat . Correction has already reached potential reversal area (selling zone-blue box) . We believe that correction can complete at marked area 90.89-91.06 and sellers should appear for further decline. We don’t recommend buying it against the main bearish trend, and favor selling at 90.89-91.06 area. Invalidation for the Short trades is break above 1.618 Fibonacci Extension : 91.33.
USDX 1Hour Elliott Wave Analysis 1.24.2018
USDX found sellers at mentioned area and completed pull back at 91.011 high. Dollar is trading lower within h4 cycle from the January peak and as a result members are enjoying profits with risk free positions.
Keep in mind market is very dinamic and short term view could have ended in meantime. If you’re interested in new Elliott Wave forecasts of USDX and trading setups you can find them in the membership area of EWF.
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