Elliott Wave Analysis of the US Dollar Index by Sid from ElliottWavePredictions.com. Click on the charts twice to enlarge.

Even though my expectation for a drop in the British Pound (and Euro) has played out nicely so far, I am concerned by the wave structure in the US Dollar Index. Based on the wave counts shown above, the US Dollar could weaken from here to find new lows below the recent late March/early April lows before a WXY correction for wave 2 (black) is complete. On the other hand, a breakout above the downward slanting channel (since Jan 13) would indicate that wave 3 black to the upside was most likely underway.

Also, please note that the next weekend webinar will be on April 15. Thx . .

Sid
http://elliottwavepre.wpengine.com