Elliott Wave 5.0 "Reboot"

Tuesday, December 8, 2015

US Dollar Intraday Rally Review:

At this time the rally in the US dollar has taken too long to play out, but I still have overlapping waves that indicate the USD has more downside to go. The top works equally well as a diagonal 5th wave  or ending diagonal. If this is the case, then my bigger "ABC" rally has played out and a much bigger decline should happen. This would take the US dollar down to the 93 price level or lower. 

There still is a chance that the US dollar can make one more small run up, but then it should be ready to turn as a possible wave two could be finished.

Any further decline with the US dollar will help push gold into a bullish phase even though it may be short lived.  Short term we could see a new high, with a longer term bearish move after that.