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USD Index: Corrective Pull-back To 83.30/83.50 Within Larger Uptrend

The US Dollar index is trading lower from recent highs, and this now appears to be the start of a deeper corrective retracement. We are tracking a wave 4) pull-back now as we can already count a completed five sub-waves in red wave 3).

As such, the current bearish waves are only temporary and should prove corrective.

Ideally we will see three sub-waves down in wave 4 to the 83.30-83.50 area where market may find a support; around former wave four, 38.2% Fibo level and at base channel.

US Dollar Index Elliott Wave Technical Analysis May 21 2013 for forex trading

Gregor Horvat

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!