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Thursday, January 28, 2010

Dollar Update

There is no question that the trend is up. I do have some doubts relating to the short term movements.

I don't know if we're in the final wave up since the low making a complete 5 waves up and the first wave up (1) therefore starting soon a wave (2) correction or if the correction we had for most of January was actually wave (2). If this is the case we're in for a powerful move up since 3rd waves are the most powerful ones.

I'm still long the Dollar even on my short term stuff, and since I cannot know for sure (I am 50-50 on both scenarios) I just let me stops be triggered if that's the case.

Anyhow, here are the charts for my 2 scenarios:


As for S&P, I had the timing very right yesterday unfortunately 1115 was not achieved and it only reached 1108 off market hours. Anyhow I'm happy with a 20 point profit anyday of the week. Near term, the juncture is the same as USD index but in reverse...

If we see momentum surging both in S&P and USD Index, then the wave (3) scenario will be my main preferred one.
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