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发表于 2008-5-16 08:21
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I don't see a 5 wave dollar rally amongst any of the majors. I only see either a 5 wave dollar decline (AUD/USD) or 3 wave rallies. This implies that the dollar trend is still down, even though the rallies are fairly deep. But with the wild news day today, it's acceptable. I re-entered my short position on the USD/JPY at 99.97. I don't see the dollar rally lasting, and it looks corrective.
American-T
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Here's my Elliott Wave count shown on the 2hr chart. I see a W-X-Y correction possibly complete already, and prices declining from current levels. Or, this possible triangle/consolidation will lead to a terminal thrust in a small 5th wave of C of Y. Right now the price is currently at a prior wave iv and the 61% fibonacci level, so this a good reversal area. Or, a terminal thrust up out of the triangle may go to the 78% fibonacci level before reversing.
If counting this as a correction is wrong, and the dollar is in fact rallying in a subdivided impulse wave, then these reversal levels are irrelevant. However with the prolonged rally and the stochastics dragging, some pullback is due regardless.
So the way I see it, whether the dollar falls in a correction, or to resume the larger downtrend for one more final low, either way the dollar should pull back some.
I'm playing this very cautiously and stops are tight.
American-T
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