USD Index USD index is in a strong uptrend since the US elections, a clear impulsive structure on the 4h chart that belongs to a bigger wave five from a weekly time frame. Recently as we can see, the price looks to have been undergoing a complex correction known as a double zig-zag that found some support at the 99.44 level, from where the price turned strongly bullish in the past week. As such, more upside could now follow on the USD Index, with the price trading in the second wave 2. The support for this corrective wave 2 could be around the previous wave B swing at 100.58, where even some Fibonacci ratios are seen and can react as reversal zones. USD Index, 4H Crude OIL Crude oil seem to be trading in a new uptrend, with red waves 1) and 2) completed and extended. Wave 3) is in motion after a bottom had been found at the 42.88 level, where a bigger correction had ended. As such, we now think the price could be trading at the middle of wave 3) specifically in minor wave iv), after a recent drop had occurred from the 54.48 level. That said, the current price action could be unfolding wave iv, that could point towards higher levels after its completion. The upper corrective channel line could now provide some support and even push the price higher above the 53.87 level within wave 3. Crude OIL, 4H 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! View All Post By Gregor Horvat Daily Look share Read Next A Fed’s Hike This Week + 2 More Hikes In Yohay Elam 6 years USD Index USD index is in a strong uptrend since the US elections, a clear impulsive structure on the 4h chart that belongs to a bigger wave five from a weekly time frame. Recently as we can see, the price looks to have been undergoing a complex correction known as a double zig-zag that found some support at the 99.44 level, from where the price turned strongly bullish in the past week. As such, more upside could now follow on the USD Index, with the price trading in the second wave 2. The support for this corrective wave 2 could… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
