I finally had to look at the monthly chart on the Dollar to get a handle on its position. I identified the Dollar being in a triangle pattern prior to the low in 2011. At that time, I surmised that we were looking at an Intermediate Wave (E). It was an easy mistake to make, since it had escaped the lower trendline as it typical of a Wave (E). However, having turned back at both the top and bottom trendline subsequently gave me pause. Looking at the long-term pattern suggests that the triangle may just be ending now with a second break of the lower trendline for Wave (E).

This explains the lack of impulsiveness in the Dollar that should now reappear. With that, clarity should also come back to this analysis.

Regards,

Tony

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Disclaimer: The content in this article is written for educational and informational purposes only. There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

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