TRDVMA

USD Index retracing within triangular pattern

FX:USDOLLAR   Dow Jones FXCM Dollar Index
13 0 0
THE USD Index seems to be retracing back within it's triangular envelope .
Our chart shows once again some key technical patterns which are very important and enable you to make a good entry or exit. Now a little bit of technical talk.
One of those key pattern is called ABC formation. However not all ABC but especially ABC pattern within other and larger pattern. ABC Pattern usually occurs at consolidations like 2nd and 4th Elliott waves and patterns like wedges ,triangles etc. In fact the famous Gartley pattern used by many based on this simple fact spiced up with Fibonacci ratios. The key into identifying this pattern is to find it in consolidation patterns, otherwise without a firm reference point, it would generate a false reading.
Here in the USD Index we came across the ABC Pattern within a triangle again and it suggest retracement back to the lower triangle line (yellow dotted line).
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