Finally the most important bearish signal was negated as the High of 96.5 has been taken out. Currently the most important level for the midterm is the High made on July 25th, at 97.62 which I suspected to be the start of a bearish wave 5 on the Weekly/Monthly charts to reach 87. The market Read More
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The Month and the Week ended very quietly as inside bars, closing in the middle. We are still in a big consolidation phase. A triangle can easily been spot on the Daily and Weekly timeframes, as well as the leaning on a major up trendline. The current sentiment is bearish. Pay attention that the Daily, Weekly and Read More
At first sight, nothing changed much in the levels the Dollar Index has been trading in throughout the passing week. We even had a HH HL Weekly bar. The Daily bars of the passing week tell a different story. The upthrust made on last Wednesday is an important Daily bar. This was an attempt to make a follow Read More
As expected, the consolidation in the current Weekly range is still under way. The Dollar Index has still been showing strength on the upper side of that range, especially on last Friday. The Weekly High has been taken out. It would have been much more bullish had the price taken out the Weekly Low first. Read More
The passing week didn’t bring any important indication as for the next midterm move of the Dollar Index. Currently the price is within the previous Month’s range. Closing the passing week below the 8 EMA short term sentiment line was bearish, but the fact that the market didn’t manage to take out an important Low Read More
Throughout the passing week, the Dollar Index has been traded in the upper side of the Weekly swing range. The signs of strength seen as closing an open gap mentioned last review 96.075-96.132, closing the Weekly bar above the Weekly 8 EMA and the Monthly bar of August closing slightly above the 8 EMA – were Read More
A rather tensed corrective week ended relatively strong in an area prone to a support. The level of 94.195 has proven to be a strong support, and was tested again two times in the passing week before bouncing up. Although the last Friday’s bar seems very bullish, it would have been much more bullish had Read More
The passing week has finally (most likely) “confirmed” the assumption for a new bearish wave, which supposed to be a bearish Elliott Wave 5. Wave 5 can sometimes be a truncated wave, which means not taking out the Low of Elliott Wave 3 preceding it. In our case it would appear as respecting the Low made Read More
As mentioned in the previous reviews, the current assumption is that we’ve already started a midterm bearish wave, Elliott Wave 5, possibly targeting the 87 area (!). Here is the Weekly chart with the wave count. The Weekly 50 SMA is an important indication for the market to reveal bullish intentions. Notice that closing the Read More
As mentioned in the previous reviews, the Dollar Index is very likely to be at the start of an Elliott 5th bearish wave. Taking out the Weekly swing High at 97.585 should negate this assumption. We pointed out that closing above the Weekly 50 SMA should be considered as a major sign of strength that Read More