Elliott Wave 5.0 "Reboot"

Friday, April 22, 2016

US Dollar Crazy Intraday Moves!

This US dollar rally is still well short of the top trend line, but it does not have to hit it and impress us. Sooner or later it has to head back down as since the April, 12th bottom the rallies have not been great looking impulse waves.  Another decline should be in the cards which should push gold back up  stopping the gold crash dead in its tracks. 

That is the optimistic view, but in the long run I think the US dollar has to rally strongly one more time, breaking out to all time new record highs. In the meantime, we want to milk the US dollar decline as much as possible for all the smart contrarians make their gold investments climb much further. 

Even though the US dollar decline is unclear when it will stop, I don't think it is on a secular crash at this time. The biggest decline in the US dollar has far too many diagonal waves on it so this is not a good think in the longer term.