Meanwhile, greenback’s Elliott waves are showing the way
Elliott Wave International
Elliott wave analysis is used to analyze the price trends in financial markets. It can be subdivided into five waves by investors who use it.
Wave 1 and wave 5 often have approximately the same length.
This knowledge was a great help to the Global Market PerspectiveElliott Wave International’s monthly publication covers more than 50 financial markets and makes a successful call about the U.S. Dollar Index.
The November issue featured a monthly chart that dates back over 14 years. It said:
The U.S. Dollar Index continues to look like it’s topping. The index is currently testing wave (5) to find wave (1), which would indicate a common relationship.
Remember to keep this in mind Global Market Perspective Subscribers have access to all wave labeling.
With the benefit of hindsight, we now know that the top registered on Sept. 28 — still, that doesn’t discount the fact that the topping process was recognized by using Elliott wave analysis.
The U.S. Dollar Index’s price has fallen since the Nov. 4 analysis.
Another sign that the greenback was heading for a tumble was the fact that mainstream seemed a little too optimistic about the prospects for a further rise in…