Is the USD getting stronger?

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The USD has been trading within a Complex Structure, more exactly, within a Double Three Pattern.

This has been going on and unfolding ever since the DXY (dollar index) hit the support back on the 25th of Jan 2018 and then started bouncing.

 

Dollar Index (DXY) – Daily Chart

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Dollar Index (DXY) – 2H Chart – Corrective Structure Preview

 Is the USD getting stronger

Since the 25th of Jan 2018 until the 27th of March 2018, two of the total of three structures completed their individual cycles, which leaves of course the time-frame from the 27th of March until present days.

The current location of the Double Three Pattern has been labeled as Minute Y (pink), which seems to be unfolding within a Rising Channel.

 

Dollar Index (DXY) – 2H Chart (close-up)

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After Minute X (pink) completed its Flat Pattern, Minute Y (pink) commenced its sequence, with its first Bullish sub-wave starting to unfold, as per the previously posted The Return Of The Dollar Bulls article.

Following the completion of Minuette (w) (purple), the Bearish Correction of Minuette (x) (purple) started unfolding, as per the previously posted “Dollar Index Technicals Elliott Wave video.

The current wave count leaves room to believe that the actual location and degree of the Dollar Index (DXY) would be Minuette (y) (purple) of Minute Y (pink).

Within Minuette (y) (purple), the first Bullish leg occurred, which has been labeled as Sub-Minuette a (blue). This leg seems to be corrected by Sub-Minuette b (blue) and the structures looks like a possible Bull Flag, which could start unfolding soon and possibly pave the way for the Impulsive Sub-Minuette c (blue).

If the current wave count would turn out to be correct, how would that affect the Majors, Oil or Metals?

Forex Pairs

EURUSD – 2H Chart

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GBPUSD – 2H Chart

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USDJPY – 2H Chart

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USDCHF – 2H Chart

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NZDUSD – 2H Chart

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Precious Metals

XAUUSD – 2H Chart

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XAGUSD – 2H Chart

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Energy

Crude Oil (WTI) – 2H Chart

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Richard is passionate about technical analysis with years of charting experience under his belt. When it comes to his insights and how he analyses the markets, he uses leading analysis tools. In particular, Elliott Wave Analysis is his forte, and he dedicates the majority of his time using this analytical method. Richard uses Elliott Waves in combination with Structures, Patterns, Divergences, and then spices things up with Vibration Levels, Fibonacci measurements, Channeling, Break-outs or Flag formations.

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Richard is passionate about technical analysis with years of charting experience under his belt. When it comes to his insights and how he analyses the markets, he uses leading analysis tools. In particular, Elliott Wave Analysis is his forte, and he dedicates the majority of his time using this analytical method. Richard uses Elliott Waves in combination with Structures, Patterns, Divergences, and then spices things up with Vibration Levels, Fibonacci measurements, Channeling, Break-outs or Flag formations.

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