Elliott Wave 5.0 "Reboot"

Thursday, October 13, 2016

US Dollar Cycle Degree Bull Market Review

Many will not agree with this outlook, but for a long time any bearish wave counts I ever did have were failures, as the US dollar kept pushing higher.  You can only beat a wave count to death for so long, after which you have to give up and join the bulls. 

The 2008 bottom was a major bottom that will not be broken for a very long time if ever. I documented that bottom in great detail and from major bearish bottoms, we get major bull markets. 

I also said many times,  that the USD needs far more height, before a major decline can happen, otherwise it would go to zero.  The US dollar will not go to zero as much as everybody thinks or wants it to. 

                                   Of Two Minds - Is the U.S. Dollar Set to Soar?

 Charles Hugh Smith has also published a very bullish USD report and I mentioned to him in email that I can confirm or agree with his assessment at this time.

This bull market is far from over as it is in a cycle degree bull market that could eventually head to a Supercycle degree wave 3 bull market top. 

Yes, this can still correct downward to below 92, but the USD is also in a diagonal bullish move at this time. This happens in 5th waves not in potential 3rd waves.  This clue is telling us, that any  Primary degree 5th wave will be the longest wave. Extended 5th waves happen frequently in commodities and all currencies are commodities as far as I see it. The last time I checked paper and coins are still commodities.

Last week many of the commodity peaks have been recalculated with Cycle degree tops, which oil was the first to peak and gold followed 3 years later in 2011. 

It could take the USD from 2008 to 2021 before it hits a major top which would help the case that the stock market will enter the Cycle degree wave 3 top soon as well. 

This was the profile I created when the USD was approaching a major bottom. Major bottoms are the breeding grounds for major bull markets, so until we complete a major spike to the upside our present  bullish phase is far from over.