USDOLLAR Wave Pattern a Thing of Beauty
240 Minute Bars
Prepared by Jamie Saettele, CMT
The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) wave count is breathtaking. Waves A and B of the 3 wave decline both divide into 5 waves while the rally off of the low is has that unmistakable impulsive feel. If the low is in place, then the USD is likely to trade sideways to down over the next few days; first to complete 5 wave up from the low and then to correct said advance. 10187 is resistance. On the daily, RSI bottomed at 40 on the nose yesterday, which is common practice for the indicator in a larger bull market.
LEVELS: 10092 10114 10145 10187 10221 10242
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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