• 526 days Will The ECB Continue To Hike Rates?
  • 526 days Forbes: Aramco Remains Largest Company In The Middle East
  • 528 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 928 days Could Crypto Overtake Traditional Investment?
  • 933 days Americans Still Quitting Jobs At Record Pace
  • 935 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 938 days Is The Dollar Too Strong?
  • 938 days Big Tech Disappoints Investors on Earnings Calls
  • 939 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 940 days China Is Quietly Trying To Distance Itself From Russia
  • 941 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 945 days Crypto Investors Won Big In 2021
  • 945 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 946 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 948 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 949 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 952 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 953 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 953 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 955 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

Elliott Wave Analysis on the USD: Another Important Juncture is Near

Short Term Forecast - The US Dollar broke out of the 4 month contracting triangle (discussed in the last newsletter) to the downside in a larger wave [b] pattern. Upside in wave [c] is still due with a reversal in the USD that is currently in action or due very soon. The USD has been completing wave C of wave [b] down with the steep downside since the breakout. Gold and Silver are completing or have just completed the final waves in an ending diagonal pattern in wave 5 of wave C of wave [b] up. The reversal will see the USD move higher in wave [c], while the metals will move lower in wave [c].

There are a couple of possibilities for the contracting triangle breakout in wave C for the USD. The downside has either completed with 5 waves down [preferred count] or the recent downside ended as wave 3 down, so we would see minor upside in a sideways pattern before one more move lower in wave 5.

The second chart illustrates an ending diagonal pattern for Gold in wave [b] as a throw-over.

While we have traced the wave (b) count down for the USD, we also have followed the wave (b) count up for Gold and Silver. The upside for Gold and Silver in wave (b) appears near completion or complete[preferred]. Conversely, the USD appears ready to move higher in wave [c] to at least the 92-93 area. Once these [c] waves complete, there will be some excellent opportunities for Gold and Silver and many stocks that have dropped significantly since the beginning of this year.

Just as we used the previous contracting triangle charts to confirm the direction of the breakout in the USD, we can now use these charts to follow and confirm the reversal. Wave [c] will be impulsive and will move quickly once it gets underway (The USD and Gold will both be in wave c). We should also see Gold break through the lower trendline to confirm. If you are interested in viewing these updated charts on a daily basis, please see the registration details below.

Elliott Wave Chart Site - IntraDay Market Updates on the DOW, Nasdaq, S&P500 and HUI.

To learn more on the status of Gold, Silver, HUI, XAU, and the USD, please visit the link below for registration details.

The commentary and forecasts are updated daily, including intraday commentary and chart updates. Fibonacci pivot dates and cycle analysis is also included. The indices covered are the NASDAQ, DOW, S&P 500, Gold, Silver, HUI and the XAU. Additional charts cover the Nikkei, US Dollar (USD), 10 Year Treasury Note (TNX), IBM, Nortel, Microsoft, Ballard Power, Celestica, ATI Technologies, Biovail, Bema Gold, Newmont Mining and Agnico Eagle Mines. Registration Details

Happy Trading!!!

Back to homepage

Leave a comment

Leave a comment