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Looks the Elliot 5 wave count for US Dollar index possibly. Next move in elliot will be corrective moves with ABC Pattern as shown below
Possibly the Dollar Game Show Ends!!!!
Rajandran R Follow
Creator of OpenAlgo - OpenSource Algo Trading framework for Indian Traders. Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Building Algo Platforms, Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in
Elliot Wave count for US Dollar Index
8 sec read
Dollar Index – biggest weekly decline since 1985Source Bloomberg March 20, 2009 03:50 EDT Dollar IndexThe trade-weighted Dollar Index, which the ICE uses to track the greenback against the euro, yen, pound, Canadian dollar, Swiss franc and Swedish krona, headed for its biggest weekly decline since 1985, as the Fed said March 18 it would buy Treasuries and an additional $750 billion of agency mortgage- backed securities.“As the money-printing machine kicks into high gear, dollar devaluation should accelerate with a ballooning money supply,” Yilin Nie, New York-based currency strategist at Morgan Stanley, wrote in a research note yesterday. The Fed’s move “is a key negative for the dollar.”The Dollar Index traded at 83.150 today from 83.129 yesterday, when it touched 82.631, the lowest since Jan. 9. It is poised for a 4.9 percent loss this week.Morgan Stanley recommended investors buy the euro against the dollar at $1.3704, with a target of $1.45 and a stop-loss order at $1.30. A stop-loss order is an automatic instruction to sell or buy a currency should it reach a particular level.The dollar fell by the most in nine years versus the euro on March 18. Yields on benchmark 10-year Treasuries slid the same day by the most since 1962 after the Fed said it would concentrate purchases in notes due from two to 10 years. The yield on the 2.75 percent note maturing February 2019 was little changed at 2.58 percent, and has fallen 31 basis points this week, according to data compiled by Bloomberg.Fed Chairman Ben S. Bernanke will speak on “The Financial Crisis and Community Banking” at 9 a.m. in Phoenix, Arizona.