Elliott Wave 5.0 "Reboot"

Wednesday, December 2, 2015

US Dollar Intraday Update: Potential Ending Triangle?

For most part of November the US dollar  was acting like an ending triangle.  This morning the US dollar created a nice upward spike and instantly was repelled. This is a good sign, but the US dollar has to take out what may look like strong resistance. In reality, there is no way to tell where support is because we don't know the size of this impending correction. 

Any of the previous lows can offer support but that is what the majority may also be thinking. Just to piss us off the US dollar falls much deeper that we all thought to actually force all the bulls out of this obvious upward trend. In other words, it's time to slaughter some US dollar bulls and cut them up for steaks on the barbecue. 

The US dollar has to create impulse waves to confirm a potential bigger trend, and we know that, that can fall apart at anytime.   This could be the time when we could be at another wave one junction as the ending triangle is rather small, in degrees.  I will try and stay away from that wave count until I see a clear sign that a correction only has taken place. 

Over all this is the highest point that the US dollar has reached so it is very fitting to get a reversal.