Elliott Wave Analysis

Elliott Wave Live: Powell Sent USD LowerAug 26, 2024

I hope you had a great weekend and are ready for some new updates this week.

As you know, the dollar sold off sharply last week, especially on Friday after Powell delivered his dovish speech. Interestingly, the stock market didn’t see much of a rally, but based on the current price action, we believe it’s only a matter of time before we see a new break higher on stock indexex, while the dollar remains in a downtrend. What’s notable is that stocks are holding support on Monday, despite new geopolitical issues in the Middle East over the weekend, signaling that risk-on sentiment is likely to persist. Meanwhile, the dollar seems poised for a break towards 100 or even lower when looking at the DXY. However, we could see some pullbacks from current June 2023 support, in the near term. If that happens, the 101.64 level could act as resistance for the fourth wave rally.

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