US Dollar Weekly Chart Review

Regardless of all the bad news that is coming out the USD seems to be making bullish progress but in a very choppy way. This is a sign of a diagonal wave structure, so I will be looking for zigzags to keep showing up. This happens in 5th waves but wave 1-2 is ahead of us and we do have some time left.

Will it take all of October or more bad news about the impeachment of President Trump?

Commercials are net short by a wide margin so a bullish wave count has a battle all the way.

The thing is that the 2008 bottom was a “Major” bottom and was the bottom of wave 4 in Cycle degree. That means we should be in a 5 wave sequence bull market in Primary degree.

Gold bugs need a major USD decline to make them happy, but I think that’s not going to happen soon.

Eventually, the USD has to move above the 103.802 price level but that’s when some serious resistance also comes into effect.

 

 

 

 

 

 

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