This video features Elliott Wave International Senior Currency Analyst, Jim Martens, using Elliott wave analysis to forecast the U.S. dollar’s near-term moves.
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To contrast the video’s short term view, the chart below shows a very long term view of the US Dollar Index. The green/red line is the US Dollar support line going back to the early 1990’s. When this important level broke, I suggested that we could see it play out as a bear trap, similar to what we saw in 1992.
The remarkable thing about this bear market has been the rally in the US dollar, taking the index back above its long term support level. At least for now, it does looks like the important break of 80 was a bear trap (although somewhat of a big one).
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