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Tuesday, August 23, 2011

US Dollar update


The dollar is completing the likely final leg of a triangle on the 4h chart (lower).  This would be a wave iv of subminuette degree.  The ensuing final fifth wave of subminuette degree would complete a minuette degree (c) of wave ((v)) of minute degree on the daily chart (upper).

All of this is interesting since this could possibly complete an even larger degree intermediate wave (2) or (B) down, retracing an intermediate degree rally that started in March of 2008.  These all time lows have yet to be violated, and that will be the major focus on this next push down.  If the lows stay in tact, and the market begins another push higher, then the bull market in the dollar begins in earnest.

See the Bigger Picture page for the intermediate degree picture (weekly chart of the $DXY).


Posted by Waverunner (FractalTrader) at 5:54 PM

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Notation


Wave DegreeMotiveCorrective
Grand Supercycle((I)) ((II)) ((III)) ((IV)) ((V))((a)) ((b)) ((c))
Supercycle(I) (II) (III) (IV) (V)(a) (b) (c)
CycleI II III IV Va b c
Primary((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))
Intermediate(1) (2) (3) (4) (5)(A) (B) (C)
Minor1 2 3 4 5A B C
Minute((i)) ((ii)) ((iii)) ((iv)) ((v))((a)) ((b)) ((c))
Minuette(i) (ii) (iii) (iv) (v)(a) (b) (c)
Subminuettei ii iii iv va b c
Micro((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))