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Tuesday, September 22, 2009

The Dollar Chart (UPDATED)

UPDATE: 22 Sep 9:43PM: I relabeled the Minor 5 as I missed the proper Minute [i] and [ii]. I think we hit [iii] and [iv] already. For a lower target in the 74 range to be hit, Minor Blue 5 will need to extend which it could very well do being that its a commodity and commodities often sport extended 5ths. So a few more Minuette waves. Wave-wise, the dollar actually traced enough to qualify for a low.

I am looking for a gap down, likely an exhaustion gap, on the dollar. It could sell off very hard as it is at its last little rung of support at 76 before a potential big move down to 74.

An exhaustion gap will likely have an effect on the media stories of the day proclaiming the death of the dollar.

Bulls will be a record low. Of course the indexes would likely have an exhaustion gap to the upside.

74 is solid support for the dollar.

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