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USD gains reversed… Will this challenge old highs and lows?

Posted on November 4, 2009 at 15:49 in Uncategorized by Pierre Charlebois

We have seen a very strong two day reverse on the USD gains.

The price on the index currently sits at the .618 retracement so much lower and the old bottom may be eclipsed whereas a turn at current levels would be typical of a 1-2 in Elliott Wave terms.

If we make new lows on the index I would expect another sudden reversal back up. We may find the market choppy and volatile for the rest of the week until we settle this trend change.

3 Responses to “USD gains reversed… Will this challenge old highs and lows?”

on 05 Nov 2009 at 9:53 am1j.j

Dear Pierre hi, thank you for all the updates pls would you adv. on how you see now the euro/$,pound/$,thank you.
Regrads
on 05 Nov 2009 at 10:22 am2Pierre Charlebois

Hi JJ.

As I noted in the post it is time to wait and see.

I think there is a reluctance to buy at these levels so any new moves up should be retraced.

Ideally I would like to see an ending diagonal unfold.
on 05 Nov 2009 at 10:27 am3j.j

thank you so much for fast reply, i wish all the best.
Regards

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