USDOLLAR Elliott Channel Fails-Watch 9731
300 Minute Bars
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.” Weakness has extended today and price has dropped below the Elliott channel (like the USDCAD. Confidence in the above wave count is lower but valid as long as price is above 9681. 9731 is potential support now.
Trend Strength (M,W,D) – 1, 2, 0
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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