US Dollar Intraday Rally Update

In the last 3-4 trading sessions, the US dollar has demonstrated is able to rally. For now I will keep the 4th wave degree level until it is confirmed. To confirm it the US dollar has to crash much lower and then create a new record low in the process.  Since 5th waves seem to be the breeding grounds for diagonal waves, I counted it with an expanded “B” wave.  Short term, there could be more upside, but eventually the US dollar should hit or get close to the bottom of my single trend line. 

If the US dollar wants to stir up more trouble, then the chances of  a “D” wave decline could also develop. Any “D” wave decline could produce another great looking H&S pattern at the 91 price level.

I’m sure the commercial traders positions will also swing widely if the “D” wave scenario materializes. “C” wave declines can also be fairly steep and even extend a bit longer than normal. 

Since the 2016 US dollar peak it still works as a potential 5 waves down with one long extended wave 3 thrown in to confuse us.  We would still have Minor degree wave 3,4,5 to contend with, after which the US dollar will make another bull run much bigger than anything we have had so far. This is still far away and could take the rest of the year to play out. 

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