As of now this market is again offering a good shorting opportunity with a small risk for Wave c down, also the reversal pattern has formed right at the 61.8% retracement giving even more confidence.

Dollar Index shorting opportunity

SL : 93.75 (Wave b high)

Target 1: 92.83

Target 2 : 92.27 (Wave a = Wave c)

Also since the Target 2 is in the 50-61.8% retracement region of Wave (1) it is quite likely that the same would be achieved if this analysis turns out to be correct.

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The post Dollar Index a low risk shorting opportunity (Elliott Wave Analysis) 17th October 2017 onwards appeared first on 50 Eyes Market Analysis.

As of now the Dollar Index has formed a reversal right at the Target 1 level at 94.17 and looks to be heading down for a 3 legged correction to the 92.55-92.20 region.

Dollar Index Hourly Chart Elliott Wave Analysis

As such there are two scenarios that can play out from here :

• Hypo 1 : The Wave 5 (Blue) got completed at 94.26 and hence Wave (1) is now completed and the prices are moving down for Wave (2) in an A-B-C type of correction. It is also worth noting that Wave 5 = .618*Wave 1.
• Hypo 2 : Wave 5 (Blue) is still continuing and at 94.26 we only have Wave .1 of Wave 5. If this is the case then we are going to see a reversal from the 93.77-93.63 levels.

As such my bias is with Hypo 1 however confirmation for the same will come when this market breaks below Wave 4 low at 93.27.

Hence the downside target for Wave (2) going with Hypo 1 are :

Target 1 : 92.55

Target 2 : 92.20

SL : Above 94.28

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The post Dollar Index moving down in a 3 Wave Correction (Elliott Wave Analysis) appeared first on 50 Eyes Market Analysis.

As such the move down till 91 level in the Dollar Index looks to have completed 3 legs complete and can be looked at as either Waves 1)-2)-3) of a 5 legged impulse down or Waves A) – B) – C) corrective structure.

Dollar Index Daily Chart

The more important thing is that there are 3 ways in which the movement form the 91 lows can be looked as :

1. Three legs up from 91 level for Wave 4) of an Impulse.
2. Three legs up from 91 for Wave X) after the A)-B)-C) correction.
3. The start of a new Impulse in the Upward direction.

In either of the 3 scenarios we must see a 3 legged move in the upward direction which should achieve the Resistance level of 94.17 and if the move continues then the next level of 95.33.

Hence with this knowledge we can initiate small short term trades on the Dollar Index in the upside direction (As the short term view is bullish) with expected target levels as :

Target 1 : 94.17

Target 2 : 95.33

The stops in this case have to be based on Money Management principles as the Invalidation level in this case is quite lower at the 91.50 level with CMP at 93.07.

Dollar Index Hourly Chart expecting next leg up

On the 4 hour time frame chart we can see that the current move up from the 91 level can already be seen as a 3 legged progression with the current price action in the Wave v of the 3rd leg.

The presence of an Expanding Ending Diagonal in Wave 3)/C) is also worth noting as this structure does not appear very often.

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The post Dollar Index looking to head higher (Elliott Wave Analysis) 1st October 2017 onwards appeared first on 50 Eyes Market Analysis.

Dollar Index to head higher, Elliott Wave Analysis, 13 January, 2107 onwards.

I believe that the 38.2% level that is coming near 100.24 should act as a Region of Support and hence buying can be initiated there.

Strategy :
Wait for reversal near 100.24 to buy.
Stop Loss : Close below 98.97 or as per your Risk Management

Targets :
T1: 103.94
T2: 105.08
T3: 106.22

Please note that as per this analysis more upside persists but these are the targets in the short term, I will look at further targets in a later post

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The post Dollar Index a great Buying Opportunity (Elliott Wave Analysis) appeared first on 50 Eyes Market Analysis.