USDX Elliott Wave Analysis: Bullish Sequence Calling Higher
Hello Traders,
Today we will have a look at the Dollar Index in the 1-hour chart.
The DXY has a bullish sequence in the 1-hour chart suggesting more upside.
Dollar index ended the cycle from 06/07/18 low at the peak of 06/15/18 (95.13) in the blue wave (W). From that peak it ended the correction to the cycle from 06/07/18 low at the low of 06/29/18 (94.46) in blue wave (X). The internals of blue wave (X) unfolded as a Elliott Wave Flat correction where red wave A ended at 06/22/18 low (94.43), red wave B ended at 06/28/18 peak (95.52) and red wave C of blue wave (X) ended at 94.46 low.
While current pullbacks stay above 06/29/18 low (94.46) but more importantly above 93.185 Invalidation level, we expect the Index to extend higher. We don’t like selling the Index as the right side remains to the upside.
Today we will have a look at the Dollar Index in the 1-hour chart.
The DXY has a bullish sequence in the 1-hour chart suggesting more upside.
Dollar index ended the cycle from 06/07/18 low at the peak of 06/15/18 (95.13) in the blue wave (W). From that peak it ended the correction to the cycle from 06/07/18 low at the low of 06/29/18 (94.46) in blue wave (X). The internals of blue wave (X) unfolded as a Elliott Wave Flat correction where red wave A ended at 06/22/18 low (94.43), red wave B ended at 06/28/18 peak (95.52) and red wave C of blue wave (X) ended at 94.46 low.
While current pullbacks stay above 06/29/18 low (94.46) but more importantly above 93.185 Invalidation level, we expect the Index to extend higher. We don’t like selling the Index as the right side remains to the upside.
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