• 777 days Will The ECB Continue To Hike Rates?
  • 778 days Forbes: Aramco Remains Largest Company In The Middle East
  • 779 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,179 days Could Crypto Overtake Traditional Investment?
  • 1,184 days Americans Still Quitting Jobs At Record Pace
  • 1,186 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,189 days Is The Dollar Too Strong?
  • 1,189 days Big Tech Disappoints Investors on Earnings Calls
  • 1,190 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,192 days China Is Quietly Trying To Distance Itself From Russia
  • 1,192 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,196 days Crypto Investors Won Big In 2021
  • 1,196 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,197 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,199 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,200 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,203 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,204 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,204 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,206 days Are NFTs About To Take Over Gaming?
Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

  1. Home
  2. Markets
  3. Other

USD Index: Corrective Retracement Within Uptrend

USD index has turned down last week, into a new correction that should be made by three waves. We are tracking wave (4) that is part of an ongoing motive structure in big black wave V that could reach levels around 103-104 in months ahead. Invalidation level is at 93.83; as long this one holds trend is up.

USD Index, Daily

US Dollar Index daily Elliott Wave Chart

On the lower time frame, USD index fell sharply lower last week which has been technically expected after an ending diagonal in fifth wave of an impulsive move. Current leg down is very strong, so it belongs to a bigger downward structure. We will be tracking a zigzag so be aware of more weakness after wave B which could retrace back to 99.00 area.

USD Index, 4H

US Dollar 4-Hour daily Elliott Wave Chart

A zig-zag is a 3-wave structure labeled A-B-C, generally moving counter to the larger trend. It is one of the most common corrective Elliott patterns.

Basic Zig-zag:

Idealized Basic Elliott Wave Zig-Zag

 


If you like our trading analysis, you can visit our website at --> www.ew-forecast.com

 

Back to homepage

Leave a comment

Leave a comment