Elliott Wave 5.0 "Reboot"

Friday, February 26, 2016

US Dollar Intraday Elliott Wave Rally Review

I'm keeping my larger degree triangle alive as the US dollar could make a turning and head south. The trend has been too choppy on the way up, which suggests it's a bearish rally.  It also looks like a smaller triangle had just finished which means a degree change must take place as well.  

This could all work like a diagonal decline as well or even an ending diagonal "C" wave.  I would love to see the US dollar head south as this would definitely give another boost to the gold stocks.

There still is a probability of the US dollar catching the 9-92 price level, but it would have to be a very shortened 5th wave.  

The first thing that has to happen is that the US dollar breaks down and takes out my bottom parallel  trend line, and keep on going until it crashes past the Feb 11th bottom. 

We are approaching the end of the month soon  and the beginning of February shows what can happen when a month ends.