Elliott Wave Analysis: USD Index Update

Good afternoon traders! Today let us focus on USD index.

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