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The U.s. Dollar Uptrend & Qe3 False
Tom Posted 17 Sep. in #Dollar #Euro #Eurusd #Dollar Index #Cycles #Elliott Wave Analysis #Elliott Waves #Qe321/35
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In my prevous article dedicated to the euro I wrote about the coming recession. I thought the 1.274 level would be forbidding, but the price went higher. So the short term scenario is changed, but mid an long term are steady. The Euro will fall to 1.15 before 2013. Optimism is beyond the limit. Theese weeks are the last bullish weeks of the June-September uptrend Markets were too optimistic before Bernanke's speech and QE3 anouncing. They became more optimistic after that. Weekly surveys show about 30% of bulls on the dollar index, I guess there are less than 10% of them on daily charts. Market optimists can't understand obvious things: Bernanke promised $40 billions per month, the issue is that hundred billions of debt piramids are crushing every month and 40 billions is like a drop in the ocean... The invisible hand of market is still beating them.Both euro and dollar index are charting the ending diagonal. My mistake was that I saw the diagonal on the dollar index, but didn't on the euro. I forecasted level 80+- for DX on July 13, but I didn't understood that 80 on the DX would be equal to 1.30+- on the Euro/Dollar. The ending diagonal makes the target 1.06 more reliable.The DX.…
