Sunday, November 8, 2009

By User: USDX major bottom

Posted By : Akshay Chinchalkar

Posted By : Akshay Chinchalkar


Hello,
five waves up from the USD Index's major low at 74.94 are indicative of a major bottom for the dollar. If a circled wave 1 is already complete, then the resulting advance in the dollar would lead to a coordinated, and rather devastating leg down for equities, commodities and treasury yields. I would definitely want to be long USD, for we all know what happened the last time we thought the USD was going down the drain. The market is telling us what the optimists would not really like. Should we act now? I say yes. At the least, i know exactly what the stop should be for a rather massive reward.

6 comments:

Blue Bottle said...

wave 1 and wave 2 are looks good, but i'm not sure about the bottom for usdx.. I'm still waiting for further confirmations.

Thanks for the chart.. and again thanks for posting it here..

Anonymous said...

Elliot Wave is complete nonsense...get a grip and move on. Dollar is going down and risk assets are going up - at least for the next few months...You guys have been looking for the mirage of dxy bottoms and Spy tops while others are making money...please. Prechter isnt trading - and thats great..for him. He gets paid better than GS CEO with no risk...but following his advice has lead many to disasterous results..

Forex Educator said...

If you had long USD, you should be suffering losses now. I had shorted USD.

Anonymous said...

yeah right-so HAD we all

Habibi said...

Markets are always abt making profits and losses. I did make a loss bcos i was long usd, but if i knew how to make money every single time i'd probably be the almighty. So boys, take it easy. If u guys know this, and am sure u do, the world's top traders go wrong 7 times out of 10. But the 3 times that they make money, they make a killing and cover all of their losses. When they are winning, some ppl on the forum are continuing to give their expert guidance and proclaiming they are the ones who called it right every single time. Take it easy.

Habibi said...

Anonymous, maybe you should really tell us what to do next time. N by the way, opinions are always free for distribution. So even the clock that isnt working and is right only twice a day can comment on the markets.