Elliott Wave Analysis: Bulls Pushing Price Higher On USD Index


USD Index is on the sharp rise for the last few weeks with impulsive personality that recently accomplished subwave 3) around 96.00 area where upside was limited but only for a short period. We know that after every five waves market will make an opposite move with three legs, so current turn lower is probably a corrective red wave four that reached support at 95.00 area of a formal wave 4 and the 38.2 Fibonacci mark which usually acts as a turning point, thus meaning that a new continuation higher could already be in place.

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USD Index, 4H

DX 4

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.