Thursday, October 29, 2009

USD Ain't Dead Yet



In fact, after 5 waves up, a 2 wave of greater degree back down is to be expected. The 50% retrace is just under current levels at the previous support/ resistance of 75.90 and the .618 retrace is 75.72 , arguably the break out area for the  up move. Either one of these levels would be a VERY common and not particularly deep pullback for a 2 wave. Of interest is the media hype around the dollar "weakness" today, the conviction  that we are seeing a return to the previous trend is also common with 2 waves.                                               


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