Elliott Wave on the USD

By: Dan Stinson | Wed, Nov 1, 2006
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Triangle Update

Short Term Forecast

The last update on the USD illustrated a brief move lower before further upside, but the count has fallen deeper into a triangle pattern which we identified to members on Oct 26th 2006.

Wave (D) for the contracting triangle should be close to completion before a move higher to complete the triangle as wave (E). This triangle corresponds to our Silver and Gold counts and many Gold and Silver charts that we have illustrated on the site. Our charts for the CAD and EURO also support the triangle count for the USD.

At this juncture we expect another advance in wave (E) to the 86.5-87 area before further downside. These charts are only a guide so that you can follow the action and watch for the expected action to complete the triangle. The action could play out exactly as illustrated or it may need adjustments as we follow it through.

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Dan Stinson

Author: Dan Stinson

Dan Stinson
Elliott Wave Chart Site

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