Daud Bhatti

Elliott Wave View: Dollar Index (DXY) Should See Further Strength


Short term Elliott Wave view suggests the USDX is correcting cycle from 9.28.2022 high in . Down from 9.28.2022 high, wave (A) ended at 100.82 and wave (B) is still ending a flat correction higher. Up from 100.82 wave A ended at 105.88. Then we saw 3 swings lower to end wave B at 99.58 and after that, the index rallied in wave C of (B). The dollar should be near to end wave (B) where market will turn lower in wave (C).

1 hour chart below shows wave ((iii)) of C ended at 105.43 high. Down from wave ((iii)), wave (a) ended at 104.82 and pullback in wave (b) ended at 105.25. Final leg higher wave (c) ended at 104.66 which completed wave ((iv)). Dollar index has resumed higher in wave ((v)). Currently, it is still developing wave (i) and once completed, the dollar should see 3, 7 or 11 swings lower to finish wave (ii) and rally again in wave (iii) of ((v)). The view is valid as stays above 104.66 low. A break below this level, open the possibility that wave ((v)) is ended and therefore wave C of (B).

USDX 45 Minutes Elliott Wave Chart

USDX Elliott Wave Video

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Elliott Forecast (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients. ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions. 

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