View: $USD 11.10.13sc.png

$USD 11.10.13sc.png

Still watching the $USD. See below discussion.


This is a follow up of an earlier post in which I indicate my inclination that a big fall the US Dollar is approaching over the next year or so. This looks like a pretty good example of a 5 wave triangle. Usually when price drops into the triangle then prices drop coming out of the triangle. Often the final drop is a 5 wave sequence down. I think wave 1 down may be over and perhaps wave two is now over. IFFFFF so then a strong wave 3 down is just ahead. I think it is worth watching given this has a lot to do with the price of many commodities including the precious metals and oil.  
Wave 2 may not be over as there is only a .38 retraction from 1. But using a little “line-ology” (see chart) it does seem possible. Best of luck trading this week. Tom B 11/10/13