Dollar in a correction within uptrend – Ellliott Wave is pointing higher [Video]

Gregor Horvat Wavetraders

The Dollar is consolidating after a slow start to the week, but this appears to be a corrective phase, pointing to more upside ahead, particularly with stocks showing signs of further weakness. US futures are down this morning, likely influenced by escalating tensions between Russia and Ukraine. Recent news about the Biden administration approving long-range weapons has prompted a sharp response from Russia, including references to nuclear weapons, further fueling market uncertainty.

This ongoing uncertainty is expected to keep stock markets under pressure, providing support for the Dollar Index which can move up into the fifth wave after recent a-b-c retracement down to 106.30 support.

For more analysis about the USD and connection with stocks, make sure to check video from yesterday.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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