Elliott Wave Analysis Nov 10 2016 USD Index and Crude

USD Index

USD index fell sharply yesterday during Asian hours, but the market quickly realized that Trumps victory may not be so bad for the US and USD itself since he supports the idea of higher interest rates. As such, the market turned up as US elections results were coming out. We have seen a nice bounce from 95.90, where the rising trendline and 61.8% Fib. retracement held as a very good support. We have seen a nice and strong move up in the last 24 hours, clearly in impulsive fashion which we believe belongs to a much bigger trend. In the short-term however, we can see a short-term set-back with small three waves before the market goes even higher, for 100.

USD Index, 4H

Crude OIL

Crude oil is turning significantly lower this month now trading well beneath the trendline support connected from 39.50 August low, which opens the door for more weakness, as price action from the last few days is looking impulsive on the 4h chart. At the moment, we see small turn up, which can be just another correction; ideally, wave 4) that can retrace back tothe  45.50 or even the 46.00 area with three subwaves beforethe downtrend resumes, ideally sometime next week.

Crude OIL, 4H

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