Elliott Wave 5.0 "Reboot"

Monday, April 11, 2016

US Dollar Bear Market Intraday Review.



We can call it a bear market, but this decline can just be part of a bigger correction that still needs to play out.  All the waves going down do not fit into an impulse. I have been counting it as a diagonal and so far so good. I have had a standing price target between 93-92  for a potential 4th wave bottom. 

I don't like to count out truncated patterns unless there are no other choices as diagonal waves can produce truncated type waves. I'm showing a double zigzag decline at this time, which would be a potential "E" wave. I still need a smaller zigzag to complete, and then we would be ready for another turning.   

Our present move down should still retrace all of the waves "A" and "C", before the US dollar cranks up again. This may take the rest of the week to play out or even longer, so patience is the key. 

I don't think we are in some secular US dollar bear market because if we were, we would get far better looking impulse waves, and not this choppy crap we have been getting.