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Elliott Wave Analysis: USD Index Searching For A Bullish Turn

Elliott Wave Analysis: USD Index Searching For A Bullish Turn

On the updated count of the USD Index we can see that price made a sharp reversal lower at the end of last week. As such, this corrective decline wave 4) is even more complex, but still part of an uptrend. That said, a five wave rally from current levels and above the 101.05 level would suggest that this complex correction is completed and wave 5) is in play.

As we can see, support for this complex corrective wave 4) has already been reached at the 99.505 level, so a turning point can already be underway.

USD Index, 4H

USD Index 4 Hour Chart

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