Elliott Wave 5.0 "Reboot"

Wednesday, December 9, 2015

US Dollar Intraday Crash Review:

So far the US dollar has rolled over and started to crash. If my wave two is true and  it's not another 4th wave, then this US dollar must decline much more.  We could be at the next wave 1-2 stage but it must perform or act like an impulse. The US dollar should also retrace at a  minimum down to the 92.600 price level. 

Compared to all the rest of the Minute degree wave sizes I have,  this one is still very small.  Stocks have also crashed along with the US dollar but gold seems to be in a correction. 

For the US dollar to keep going south it would be nice to see a bigger 1-2 wave structure so we have to keep it in mind that any wave count can backfire.  Last week the US dollar bullish consensus hit a high of 82% and now we have to see how low it can go before we can expect a big move back up. 

The good thing is the US dollar has only seen a 47% bullish consensus within the last 24 months. It  needs to go much deeper than that, if we are to get a big rally.  What I would like to see is that the general public turns and also becomes bearish. When the public has turned bearish then it is time to look at some other trusting indicators to look for a reversal.  The market will never allow the general public to be right,  all at the same time for very long, because if they did allow this we would all be in the top 1%. 

The consensus report will run out in a few months, so unless donations come in, I will not renew it. 
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You may have seen adds across the bottoms of my postings and so far I have done the right things to get it activated, but right now I am waiting for a letter from goggle to help move the confirmation process forward.