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Elliott Wave Update: Recovery On Dollar Can Extend Further

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I hope everyone is having a good day. It’s been a while since I posted any kind of free article for our ForexAnalytix visitors, as most of our charts are reserved for premium members. However, back in January, when the dollar was trading significantly to the downside and stocks were near the highs, I highlighted the extreme short positioning on the dollar index. At the same time, the S&P 500 was trading near highs. So based on Elliott wave principles and intermarket analysis, I warned about a potential rebound in the dollar. As you know, the dollar has seen a very nice rebound over the past three months.

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EDGE chart of the day

EDGE Chart of the Day – EURUSD – (January 21st, 2025)

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The EUR/USD has encountered resistance at the descending channel’s trendline near 1.0425, following yesterday’s strong rebound. This channel has defined the pair’s downward trajectory since last August, underscoring its technical significance.

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EDGE chart of the day

EDGE Chart of the Day – Nasdaq – (January 20th, 2024)

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The NASDAQ has spent the last 1.5 months consolidating in a symmetrical triangle. We are currently testing the triangle’s T/L resistance.

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EDGE chart of the day

EDGE Chart of the Day – Nasdaq, Reversal Update – (December 20th, 2024)

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The NASDAQ 100 reversed lower after first creating a short term overthrow to the ascending wedge. This is something we often see happen in wedge formations, first trapping the bulls (or bears) and then reversing in the other direction with momentum.

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EDGE chart of the day

EDGE Chart of the Day – XAUUSD – (December 17th, 2024)

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The rebound that started in November has lost its upside momentum and gold is now testing again the ascending T/L support at $2645.

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EDGE chart of the day

EDGE Chart of the Day – Nasdaq – (December 13th, 2024)

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The NASDAQ 100 has been on a tear, appreciating non stop since August.

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EDGE chart of the day

EDGE Chart of the Day – USDJPY – (November 22nd, 2024)

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The USD/JPY pair has lost its upward momentum and appears poised to break below the ascending channel that has supported its rise since September.

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EDGE chart of the day

EDGE Chart of the Day – Crude Oil – (November 15th, 2024)

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Crude is testing a T/L support that has been holding since September. Between this and the L/T channel’s T/L resistance WTI is trapped in a symmetrical triangle.

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EDGE chart of the day

EDGE Chart of the Day – AUDCAD – (November 14th, 2024)

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The AUDCAD has been trading in an ascending channel during the past 14 months. We are currently facing the probability of a bearish breakdown.

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EDGE chart of the day

EDGE Chart of the Day – USDJPY – (November 8th, 2024)

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The USDJPY remains within the ascending channel with key support being at 151.60.

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