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USDOLLAR Decline Closing in on Elliott Channel – Watch for a Low

USDOLLAR Decline Closing in on Elliott Channel – Watch for a Low

2011-10-11 15:18:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Decline Closing in on Elliott Channel – Watch for a Low

Prepared by Jamie Saettele, CMT

I wrote Friday that “the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has broken the internal wave 3 channel and focus is now on the more important Elliott channel that should help us identify the end of wave 4. The channel intersects 9834 early next week.” After slipping just below 9834 yesterday, price has bounced slightly. The reward/risk balance favors longs here.

Trend Strength (M,W,D) – 1, 2, 0

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--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com.  Follow me on Twitter @JamieSaettele

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Jamie is the author of Sentiment in the Forex Market.

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