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We are providing technical analyzes for the financial markets and how they behave based on the Elliott Wave Principle. The Elliott Wave Principle gives you a method for identifying at what points a market is most likely to turn. And that, in turn, gives you guidance as to where you might enter... More
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  • USD Index Is Forming A Bullish Reversal Pattern-Elliott Wave Forecast 0 comments
    May 8, 2013 4:05 AM | about stocks: USD

    USD-index reversed nicely higher last week from 81.32 which appears to be a first impulsive structure that is part of a larger and new bullish cycle for the USD. As such, we expect much higher levels on USD-index in days and weeks ahead especially if we consider that decline from 83.50 was made a nice clear three waves which is a corrective price action, called a zig-zag. Ideally, market is now in wave 2) pull-back that will look for a support around 81.20. Critical/invalidation level is at 81.32 as wave 2) must never retrace more than 100% of wave 1). So as long that level holds we are looking higher.

    (click to enlarge)

    What is Zig-Zag?

    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.

    (click to enlarge)

    For more analysis visit our website and Try our services absolutely free for 7-days!

    Stocks: USD
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