Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of USDX published in members area of The Website. As our members know, USDX has incomplete bullish sequences. Break of August 15th peak has made the structure incomplete to the upside, suggesting the USDX is bullish against the 93.79 low. The index has been bullish against the 95.67 low. Consequently, we advised our members to avoid selling it, keep favouring the long side. In further text we’re going to explain the Elliott Wave Structure and Forecast .
USDX 1 Hour Elliott Wave Analysis 11.16.2018
Back then USDX has had short term cycle from the 93.79 low incomplete as well . The Index has been bullish against the 95.67 low. As we can see on the chart below, our forecast suggests the price is ending the pull back against the 95.67 low. Equal legs is already reached at 96.42-96.19 ( blue box- buyers area). Due to previous incomplete bullish sequences we knew that buyers should ideally appear for a 3 wave bounce at least. We don’t recommend selling the Index and favor the long side against the 95.67 low in first degree and against the 93.79 low in second degree.
USDX 1 Hour Elliott Wave Analysis 11.24.2018
Eventually the price has broken 95.67 pivot that tweaked Elliott Wave Count a little bit that now suggests current pull back is correcting the 93.79 cycle. Anyway the index still remains bullish against the 93.79 low. The price has reached buyers zone ( blue box ) at 96.42-95.83. Buyers have appeared shortly after and we are getting nice bounce so far. Now we’re calling wave ((2) pull back completed at 96.06 low. However, we need to see break above 11/12 peak to get confirmation that next leg higher is in progress. Until we get that break, buying short term dips against the 96.06 low is not recommended. If USDX breaks that short term low, we would be doing double correction lower from the 11/12 peak.
Note: Market is dynamic and presented view could have changed in the mean time. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
