Elliott Wave Analysis: USD Index Aiming For Higher Levels; Correction Looks Completed

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On the updated count of USD Index we can see that price made a sharp reversal lower at the end of the last week. As such, this corrective decline wave 4) is even more complex, but still part of an uptrend. In fact, we have seen a nice bounce in the last few sessions which can be impulse that will take us even higher in days ahead. Break above upper trendline resistance will be just a new confirmation of a turning point.

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USD Index, 4H

 

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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.