Elliott Wave Analysis: USD Index Update

Good day traders!

USD Index is trading nicely to the downside, unfolding a big bearish impulse, which we see it as black wave 1. That said we can see sub-wave: one, two, three and four completed, meaning current intra-day drop can be final sub-wave five of 1. This blue wave v can reach levels near the 92.75/80 region and from there make a new three-wave reversal higher. This three-wave rally would later be regarded as the following wave 2.

USD Index, 1H

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com