Elliott Wave 5.0 "Reboot"

Wednesday, January 6, 2016

Quick US Dollar Intraday Chart Review: Killing The Bull Softley

The US dollar has seen a fantastic run even though stocks have crashed and gold has soared. Some old relationships are just not working at this time. Gold soars while oil crashes, as it must be a world dominated by fundamentals.  The problem with that type of thinking is we had no clue that fundamentals in the US dollar would change, especially back in 2008 as no conventional expert saw that bullish phase coming. 

The US dollar bull market has been on a tear since the 2011 bottom and now has gone sideways since March of 2015.  It still has not decided to make a big run for a new 5th wave, but it sure has a choppy diagonal look and feel to it at this time. If a correction is just finishing remains to be seen as one more leg up could still happen.  If a triangle is in play, then a crash to a newer low, would have to happen, before the US dollar cranks up one more time.  

I am sure this may take the rest of this week before we find out for sure if another leg up will happen. 

Anything more than what I expect could put our present push in a diagonal 5th wave, which would send the US dollar to a new record bull market high. This would be achieved at the 100.600 price level, which is the last number at the top of this chart.