Three months ago we acquaint a chart at See It Market assuming how the U.S. Dollar ETF (NYSEARCA:UUP) had accomplished an important attrition breadth per our Elliott beachcomber and abstruse analysis.
We appropriate that traders operating on average time frames ability use that as a arresting to acclimatize their positions in bill trades.
Since that time, the Power Shares DB U.S. Dollar Bullish ETF aloof from the antecedent attrition breadth afore ambulatory afresh to assay the aing level. Today we’ll accommodate an amend on the US Dollar Elliott beachcomber roadmap.
Longtime readers apperceive we appearance the Dollar and UUP as still actuality in an advancement trend, and aural that framework the alliance of contempo months apparently fits as beachcomber (ii) of the accepted (i)-(ii)-(iii)-(iv)-(v) sequence.
The traders assignment is again to adjudge whether beachcomber (ii) is complete. Will UUP breach advancement in a able beachcomber (iii), or does there charge to be one added bottomward leg of (ii) to assay supports?
The bullish aboriginal advantage apparently would apparent with a almost abrupt breach of Gann attrition at 25.87, followed by tests of added levels in the Gann ladder at 26.19 and 26.51.
The near-term bearish additional advantage treats the accepted UUP aerial as the average beachcomber ‘b’ of the advancing beachcomber (ii) correction, to be followed by bottomward beachcomber ‘c’ of (ii). If UUP makes a retreat from adjacent attrition during the aing few weeks, that could arresting countertrend traders to attending for a assay of one or added of the accepted Fibonacci retracement levels at 25.15, 24.76 and 24.11.
Because big changes in bill trends generally appear about the about-face of the year, we accept a slight alternative for a connected beachcomber (ii) alliance during the aing few months. That would be a bureaucracy for a beachcomber (iii) assemblage to anatomy from lower than the accepted price.
If the aboriginal allotment of 2019 brings a new advancement trend from one of the abutment levels, it would be reasonable to apprehend that trend to abide until the aing articulation of the 83-week aeon in the Dollar Index in mid-summer 2019.
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