Wednesday, 3 November 2010

13:30 GMT - Dollar Update

Here's a possible way to label the move in the dollar since my last update on 30 October. This 80 min chart is updated from that post:

Dollar 80 min:

A possible ending diagonal for wave (v) of [v] of C  which would be a truncated wave (v)? Well, its worth considering, though bear in mind, it could be a leading diagonal for wave i of (v).

If the alternate count on the above chart is playing out, then this diagonal may be (C) of [Y] of ii with iii up now about to start. This 15 min chart updates the 10 min chart in the last post:

Dollar 15 min:

Taking out 78.273 would mean there's a very good chance that we've bottomed on the dollar. While we're below that, the risk of further downside is high.