Elliott Wave 5.0 "Reboot"

Thursday, January 28, 2016

US Dollar Intraday Price Action Review

             The World’s Favorite New Tax Haven Is the United States - Bloomberg Business

I smiled when I read this article about the US dollar coming back home, as it really is not a brand new story but it is getting some traction.   If all these trillions are sitting in safe US banks ,will that create inflation? After all the cash money supply in the US would be increasing!  Maybe it is the real reason why gold is going up as funds leak into the real economy in the transferring process.

Even though the US dollar is finally starting to go down, we still have a sideways mess to contend with, which can easily still be part of a diagonal wave pattern. That diagonal would have its limits that can't be broken.  If all this is true, then there is still a big chance for the US dollar to roar in a fit of madness in short covering.  Technically, I would like to see it blast to record new highs one more time to help confirm a diagonal. I don't care if it clears new highs in just a flash or by a few cents, as long as it seems to have cleared.