Wednesday, May 18, 2011

USD

Is the USD pause in its upward trajectory (powered by the largest short position ever) finito?
3 rd wave up anyone?
USD Daily
click to enlarge
(There was no negative divergence of the Daily 14 RSI at the highs .)
New highs would take out the .382 retrace point and get the Elliot folks excited. 
A test of that trend line could also be expected after the sharp reversal up from the lows.
 The overlap of the May 9 high by the May 13 low, opens up the possibility that we have  a series of 1-, -2-'s of 3 already, either that or a running 2 correction. In both cases it suggests a strong thrust up is imminent.
30 Min.
Note the -c- = -a- pullback off the highs.
 Early support for this view would be taking out the 50% retrace of the last leg down
at 75.62



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