Watch for multi-month rally in the dollar!
Submitted by kvc on Fri, 07/31/2009 - 13:18
Our friends and advertisers at ElliottWave.com are predicting an imminent turn in the dollar, beginning an advance that should take prices into the $0.90-1.00 range over some months. Those of you who are already sold on their technical methodology might want to look into dollar index funds or other bullish dollar investments.
And those who aren't already sold on EWI will have a chance to watch as a major prediction is tested in the marketplace. ;-)
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For there to be a dollar rally, doesn't that mean that
individuals will be willing (on the FOREX markets) to pay higher and higher price for the dollar? Who are these people? Do they think that it is a good investment given the state of the US government? Maybe they think that the US is out of the recession now (as I heard was on the title of Newsweek last week), and that the dollar will rebound consequently.
The dollar went down like A
The dollar went down like A STONE today against the swedish crona, never seen it drop this much...about 2.5% today only.
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Teach a man to fish and you feed him for the rest of his life.
Teach a man to phish and he'll clean out your bank account.
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What do you expect
immediately after a prediction that a dramatic change is ABOUT to take place? In my book, you expect a (perhaps VERY) brief continuation of the current trend, followed by the predicted reversal.
In fact, today's market action perfectly fits the EWI prediction and allows for the rebound either to have begun at the close of the market today, or to begin early next week. Note that I say "allows" rather than "guarantees", for there is still some possibility of even further downside movement.
Bottom line: Wait and watch. Let's see what happens early next week. That's when the EWI prediction will be tested.
And as if in que, gold jumped 28.oo an ounce!
I may not know the truth, but I know when I'm being lied to...
I may not know the truth, but I know when I'm being lied to...
Be careful!
There are strong indications that gold is poised for a similar reversal -- in this case, downwards -- probably to below $700. Again, I'm just paraphrasing the astute analysis of the EWI folks.