USD Index Elliott Wave and Technical Analysis – 21st March, 2018

A quick analysis today with a bullish and a bearish Elliott wave count, and classic technical analysis.

BEARISH ELLIOTT WAVE ANALYSIS

QUARTERLY CHART

US Dollar Elliott Wave Chart Quarterly 2018
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A huge double zigzag may be continuing lower.

MONTHLY CHART

US Dollar Elliott Wave Chart Monthly 2018
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This cannot be a fourth wave correction within an ongoing impulse higher because a new low below 89.62 has recently occurred, which would be back in first wave price territory.

That indicates the last big wave up may be a completed three, and for that reason this is my main wave count.

WEEKLY CHART

US Dollar Elliott Wave Chart Weekly 2018
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A five down may be complete within the new trend. This should be followed by a three up that may correct to about the 0.618 Fibonacci ratio at 97.57.

Cycle wave II may not move beyond the start of cycle wave I above 103.82.

BULLISH ELLIOTT WAVE ANALYSIS

QUARTERLY CHART

US Dollar Elliott Wave Chart Quarterly 2018
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A single zigzag down to the last major low may still be complete.

A new upwards trend may continue. So far there may be two overlapping first and second waves. Primary wave 2 may not move beyond the start of primary wave 1 below 72.69.

Primary wave 2 should find strong support at the lower edge of the teal base channel if it gets down that low.

MONTHLY CHART

US Dollar Elliott Wave Chart Monthly 2018
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Primary wave 2 may be a complete zigzag. However, this wave down can also be seen as a five and primary wave 2 may yet continue lower.

WEEKLY CHART

US Dollar Elliott Wave Chart Weekly 2018
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This bullish wave count sees the last wave down as a completed zigzag. If this is correct, then within primary wave 3 no second wave correction may move beyond its start below 88.25.

TECHNICAL ANALYSIS

MONTHLY CHART

US Dollar Chart Monthly 2018
Click chart to enlarge. Chart courtesy of StockCharts.com.

DAILY CHART

US Dollar Daily 2018
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This analysis is published @ 04:56 a.m. EST.

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