USDOLLAR Spikes Higher after Completing Correction
240 Minute Bars
Prepared by Jamie Saettele, CMT
I wrote yesterday that “after trading to 9942 on Friday, the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has rocketed higher. Caution is warranted however as the rally was in a spike, which tend to serve as traps. The alternate count is still bullish but delayed as the spike high would compose wave B of the correction.” The alternate count has been triggered as price fell below Friday’s low. The bull side is favored against the January low although a test of today’s low (9932) cannot be ruled out.
Bottom Line – long, stop 9855
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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