Jan 8, 2010

DXY-Elliott Wave update

     
            I think US Dollar's downtrend is already done for now. According to my EW count we have five clear waves downside  completed, which completes the A,B,C pattern - called "expanded flat" of larger degree (primary). At the bottom the bulls were over 90 %, which was one of the signs of trend reversal. Few weeks ago  i pointed  reversal area- about 74,17, and I was very close, it stuck at 74,23 and bounced up to make it's first impulsive wave up. Correction after the 1st  wave is already  on the way , reaching 76,58 area, will suite my ego. There is one of the Pivot points, which is right in the middle between 38.2% and 50.0% Fibo retracement. Still hasn't reached 38.2 % Fib. 





No comments: