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Bullish Impulse on USD Index Looking For A Top!

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May 15 2019
 
Hello traders!

Today we are going to share with you our analysis on the USD index, and its daily time frame.

USD Index is in a bullish impulse up from 2018 lows; now with final wave 5) in play. Wave 5) that is unfolding out of a triangle correction can be an EW ending diagonal, a powerful reversal pattern that can once fully developed push price into a sharp three-wave reversal. Accompanying current EW ending diagonal are two Fibonacci ratios 38.2 and 200.0, which can react as resistance for the index.
A later drop in impulsive fashion, and below the lower Elliott wave channel line connected from 2018 lows would be a signal for a top in place, and more weakness to follow.

Trade well!

USD index, Daily

 
 
 

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