Elliott Wave Analysis: USD Index Searching For A Reversal

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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 previous week. As such we believe this complex corrective wave 4) is still unfolding, now in final stages of wave Y. That said support may come in play around the 99.50 level, where the former wave 4 is located. A rally above the upper corrective channel line would indicate this correction being over and more upside to follow.

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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.