Elliott Wave chart analysis for the USD Index for 9th March, 2010. Please click on the charts below to enlarge.

Main Wave Count

We may be in the early stages of wave 5 blue up. If the dollar reaches 81.1 to 81.32 and continues up from there this wave count is validated.

Wave 4 blue may have been a simple flat correction ending at 79.82, a very shallow correction.

This wave count is invalidated with movement to or below 78.44. At this stage I do not expect price to reach this low at all.

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Elliott Wave chart analysis for the USD Index for 8th March, 2010. Please click on the charts below to enlarge.

The dollar remains within a parallel channel containing wave 4 blue, so an end to recent corrective movement cannot be confirmed yet. Recent sideways movement labeled 1 and 2 green (with question marks) may be corrective. Until the dollar breaks through the upper edge of the trend channel further sideways movement cannot be ruled out.

It seems slightly too early for wave 4 to end here, a better look requires a little more sideways movement.

This wave count is invalidated with movement below 78.44.

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