$USDOLLAR From an Elliott Wave perspective the consolidation pattern in the FXCM US Dollar Index that we have seen since the May 13th low could be viewed in one of two ways. The first of which is that the May 13th low was the wave a of (iv) and this consolidation pattern was a b wave triangle after which we expect a c wave down to complete wave (iv) into the 11,600 area before continuing back higher in our larger degree bullish pattern. This is my preferred count at this time and is shown in white on the charts:
Originally published on ElliottWaveTrader.net, by Mike Golembesky.
