First of all, my fellow Slope-a-Dopes, I want to sincerely apologize to everyone, for my pathetic drama queen melt down display of last week. Let's just say, I obviously snapped after I saw the market perform yet another victory lap dance, as soon as Benny Bigbucks announced that he would be handing out more free viagra laced Benjamins at "The Sniper", a famed Vegas strip joint. As you well know, 2012 has been an absolute debacle for me. I feel much like the desperate, least attractive girl with the smallest tits, sitting alone at a table in the dark smoke filled corner, who gets zero action from even the horniest customers at the club.
The USD is still following the Elliott Wave script that we have laid out over the last several months. In fact, it has followed that pattern almost to the penny over these months. Currently, most indications point to the USD continuing to follow this same pattern, targeting much lower levels in the months ahead.
Two weeks ago, I wrote the following:
If you listen to many of the market analysts discussing the dollar and its relationship to the metals or the equity markets, it seems as though there is much confusion. The confusion is due to the seeming “correlations” between the dollar and “risk” assets that are no longer holding true. In fact, many were expect that a rally in the USD would coincide with a decline in the metals and the equity market. But, we have recently been witnessing a break within these correlations.
It is for this reason that I continually stress that each chart MUST be analyzed on its own, and it is faulty analysis to base a significant amount of your analysis of a particular chart purely on what another chart is doing. This leaves an analyst in a befuddled state when the seeming correlations disappear just as easily as they initially appeared. This is what is now happening to many in the financial world, as they scramble to figure out what is happening.”