| Posted On: April 17, 2017 09:29 PM |
Bottom Line: The US dollar is poised to resume its advance and should easily exceed 103.82.
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The Dollar Index reveals the same three-wave correction that the dollar staged relative to the euro and Swiss franc. A dollar correction keeps it favored going forward. A third wave should easily exceed 103.82. At 105.86 wave (5) will travel the same distance as wave (1). That's a common relationship when the third wave is extended as is the case in the advance from 2011. The outlook for EURUSD suggests the Dollar Index could reach the higher objective.
The bearish triangle in cable also supports the idea the dollar advance is intact.
Jim Martens
PSteam@elliottwave.com
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Hi Bob, you were exactly correct about the USD being in the "C" wave of an A-B-C correction......
Hi John, Fairly clear ABC corrective wave in USD.
Note C wave must be a 5 waver.
Both Rsi and Full Stcochastic show we are near the end of a fifth wave. siliconinvestor.com
Message 31045360
The USD is a tricky little beast isn't it... the EUR and JPY really have been hit the past 2 days... it really is a big outside reversal week in the USD.... the commodity currencies such as the AUD, CAD and NZD have been weak as well.
that last little decline in the USD looks like it was the "C" wave..... did not make it down to the 200 dma.
The USD found support just with just 1 day below the 38.2% retracement it advance from 05/03/26 low @ 91.88 and it's 01/03/17 high @ 103.82
and the USD came within 12 basis points of it's 200 dma
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