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Chart of the Day: Dollar Index

Published 12/31/2000, 07:00 PM
Updated 02/01/2010, 04:03 PM
EUR/USD
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Chart of the Day:

Dollar Index

Overall View: Looking for a bearish reversal

4 Hour Chart Flows: Long Price Points: 79.50-80.00 Looking for: Top fo a Long wave V)

Momentum: The dollar index went into Long mode in early December and has oscillated up and down since then, but with no real passion to make and hold a momentum break.

Elliott Wave: The dollar index reached new highs recently, which did not influence on our mid-term wave count expectations. It seems that a sub-wave v, of Long impulse wave V), is still searching for a top that may finish the up-trend with an extending structure.

In Elliott wave techniques, a correction is always expected once a five wave move is complete, which means we will look for a lower Usd move once a five wave move from the 76.60 lows finally turns Short.

TheLFB Charting: Dollar Index 4h view

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