Elliott Wave 5.0 "Reboot"

Thursday, December 17, 2015

US Dollar Intraday Quick Review: How About A Correction?



The US dollar tagged on another impulse wave. I think a correction should be due as we head into Friday. If the decline turns out being very choppy and corrective looking then the US dollar will make another leg up which could be a wave three in Minuette degree.  The correction can go deep, but there will be a limit to my patience as this should not make another record low. 

We know the markets will do anything to confuse any wave count as we could get a very short "C" wave decline and not dip into my wave 1 price level.  It shows that the US dollar has an extremely close inverse relationship to gold as a physical gold buying will not push gold north.