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« A Look at the Dollar/Dow Relationship | Main | Double Top With Divergences »

Monday, October 12, 2009


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Jing Chen

Thanks Yelnick.

US Dollar index may have bottomed on Thursday:

If you go to the above chart and select 5-Day view, you will see the sharp 5-wave down on Wed/Thursday, followed by a sharp 5-wave rise into Friday. You will then see this 5-wave rise being corrected into today.

I am sure there are other ways to interpret this wave pattern, but it seems to me the most likely count is the USD bottom scenario.

Speaking of Central Banks, they are so conservative that they are always a great contrarian indicator. Their bearishness on USD would be welcome news at this moment.


I guess today wasn't the game, set, match, take it to the bank sell off.......

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