Elliott Wave Analysis: USD Index and Crude oil Update
USD Index broke to a new high of the month recently, so we have to respect what the market is doing and go with the flow. It’s a sharp rise up from 93.48 region that looks like a wave three of three so more upside is expected within wave 3)/C), as it must be made by five sub-waves. Based on Fibonacci projections there is room for 96.00, while market is above 93.79.
USD Index, 4H
Crude oil broke higher last week, sharply above 53.00 level which means that oil prices can be headed much higher in days ahead if we consider that market can be in wave three of three. This is normally the sharpest wave in the sequence so do not be surprised if rise will resume after current retracement back to 53.70/80 that we see it as just another minor wave four set-back.
Crude oil, 4H
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