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Friday, October 30, 2009

The Dollar Charts

If the indexes rally this week in a Minute wave [ii], how would the dollar fit into the scheme of that?

Well check out my charts, they answer that question. Some new Monday highs for UUP ina quick burst (supporting early market weakness) and then it gets chopped down for the rest of the week in a 5 wave move down which should be a c wave of an expanded flat fulfilling a Minute [ii] correction. While the dollar gets chopped down, the markets rally.

Simple huh?

Its almost too perfect of a scenario which is why I am suspicious of even my own humble charts.

But one thing is for sure - The dollar impulsed up as you can see on my UUP....
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