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USDOLLAR Spikes Higher after Completing Correction

USDOLLAR Spikes Higher after Completing Correction

2012-01-17 22:12:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Spikes Higher after Completing Correction

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

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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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