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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