Elliott Wave analaysis: Dollar Index approaching resistance at 104

Markets are sideways but volatility can step in if there will be any major news out from the World Economic Forum in Davos, Switzerland. There are a number European central bank officials who noted that markets went to far regarding cut expectations, so it will be interesting to listed ECB President Lagarde later at 16:15CET. Regarding the markets, we are seeing USD strong this week., but can be now already in late stages of a corrective ally when looking at DXY. I see some nice resistance for A-B-C move around 104, from where we may see a new sell-off still this monht.

At the same time we have seen some pullback on stocks, but nothing significant, its a normal correction I think. DAX is also at the potential support.


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