DXY to Complete B & C Correction Waves

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This is a chart of the US Dollar Index on the 4-hour time frame. 
Based on my analysis, DXY has completed 2 sequences of Elliot Waves and an additional A wave at the end of the second Elliot Wave. So, just by looking at Elliot Waves, we can see how a bullish move is likely under the current market situation. 

Notice the support trendline on the chart. It begins at the end of wave 4 during that higher low and the end of wave A. Then, it is retested and fully confirmed at the end of wave C. Due to the fact that we now have 3 points on the trend line (2 to form it, and the third to validate), I consider this setup a quality opportunity. 

I believe wave A has ended, and when markets open, DXY will initiate wave B up to the 102.05 area.

Price closed slightly above the trendline after forming a small bullish candle, and overall, I expect the price to keep rising. 

Traders can use this as a confluence for setups that show a strong USD. For example, if one sees a buy setup on USDCHF, they can take it with more confidence as the chart for the US Dollar Index supports this.


Views of Dipak Z on Nikita’s analysis in USD Index.


As Nikita recently shown the 4 hr chart and showing uptrend on it so it could be very possible but What I have a market on the daily is to set downside.We have FOMC meeting ahead of this week where there are chances to get rate hiked.but In my opinion they rates hike have less probability .because as Dollar is strong they may be seen it as ease of doing business outside their territory.
So it could be postponed by FED chairman Mrs. Yellen this week.What they could do is to stay on their decision till they would improve in controlling the price of the dollar in international market .
as presented in this article – Elliot planning to push Gold upside for Target ..1362 and above see how we could see it in upside targeting 1326 in near term according to our view.

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 Contributed Article by Nikita Fen via Email Post if you are interested in contributing contact us


 

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