Elliott Wave 5.0 "Reboot"

Friday, April 1, 2016

US Dollar Intrday Chart Bearish Phase Review




Hopefully it is very obvious to all my readers how choppy this bearish decline is. These overlapping waves have huge meanings that many wave counters will never tell you about. Right now I am treating it like a diagonal  where waves are joined with "ABC" connections. 

Eventually this entire decline will all get retraced but not before more downside should play out.  At this time it is nothing to worry about, but watching the US dollar will become more and more important.   We don't need to watch the US dollar if we have confidence in our gold wave count.

Another leg down should happen as I still would like the US dollar to hit the 92-93 price level. If we get a big burst of US dollar bearish news, and lots of gold bullish news, then we could be ready for another reversal.




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