US Dollar Intraday Bear Market Update

In the last day or so the US dollar rallied and then plunged like a rock shortly after. This left a zigzag looking pattern in its wake, which was confirmed this morning by completing  retracing this zigzag. This looks like it can work as a wave 1-2 at this time. Looks are deceiving most of the time,as I can make this fit as a zigzag with an expanded flat thrown in for added complexity. In the near term the US dollar has to fall well below the 91 price level, just to confirm the previous 4th wave peak. 

Downward pressure on the US dollar helps to keep upward pressure on the price of gold as it crossed the $1300 price level again. 

Last week commercials switched to a net short position again, which was what I was hopping for would happen. Tonights report could be different again, but I’m looking for a switch to a much larger net long position, lasting much longer in time as well. 

Until that time arrives, the US dollar is still in its bear market. 

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