Elliott wave analysis: USD Index Eyeing 108.4/113.5 In Years to Come

March 28, 2020 Off By admin-445

Hello traders,
USD index monthly is recovering in an overlapping, seven swing movement, up from 2008, ideally unravelling a big, corrective wave B. We can see the first piece of the seven-swing move (the first A)-B)-C)) completed at a high in 2015, which was later followed by a connecting wave X). This corrective leg connects the first A)-B)-C) move with the second one, which is still in motion.
We see a possibly completed impulse in A) of the second piece at the 99.68 level, and its contra-trend wave B) correction at the lower 94.45 level. The latest rise can now be a wave C) of B underway and can target the 108.4/113.5 region in months or years to come. At the mentioned target we can expect to see a top, and a bearish reversal, below the drawn channel lines.
USD index, monthly

Trade well,
The EW-Forecast team.

Source: www.forexcrunch.com