THE USD TO DROP ATLEAST ANOTHER 15% BY LATE 2024The image presented shows our Elliott wave analysis on the price of the US Dollar index futures contract. We have reason to believe that we completed a 5 wave advance off of the 2008 low into the 2022 high to form primary wave one. Notice how nicely the impulsive advance is channeled utilizing the parallel channel tool in trading view. This redefines the trend as up (unless its a C wave of a running flat correction ) which means that the USDX started a cycle degree advance from the 2008 lows. We also have reason to believe that we are currently in the wave 2/B correction that started in late September 2022. The correction spoken off still has lower to go probably to the 61.8% Fibonacci retracement presented on the chart. From a time cycle perspective, we are convinced that we have most likely seen the high of the nominal 54-month wave which would be confirmed by the break of the 18-month valid trendline presented on the chart (red uptrend line of recent price action). Once we get this confirmation we can rest assured that the USDX is on its way lower to 90 or below which means another 15% decline before this market stages a healthy recovery in 2025 basis our time cycle analysis!
Manage your risks accordingly
Ahmed Farghaly
