USDX Elliott Wave Analysis: Bullish Sequence Calling Higher

Hello Traders,

Today we will have a look at the Dollar Index in the 1-hour chart.

The DXY has a bullish sequence in the 1-hour chart suggesting more upside.

Dollar index ended the cycle from 06/07/18 low at the peak of 06/15/18 (95.13) in the blue wave (W). From that peak it ended the correction to the cycle from 06/07/18 low at the low of 06/29/18 (94.46) in blue wave (X). The internals of blue wave (X) unfolded as a Elliott Wave Flat correction where red wave A ended at 06/22/18 low (94.43), red wave B ended at 06/28/18 peak (95.52) and red wave C of blue wave (X) ended at 94.46 low.

While current pullbacks stay above 06/29/18 low (94.46) but more importantly above 93.185 Invalidation level, we expect the Index to extend higher. We don’t like selling the Index as the right side remains to the upside.