Elliott Wave Chart Site
Elliott Wave on the USD
Nov 1st 2006
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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The commentary and forecasts are updated daily, including intraday commentary and chart updates. Fibonacci pivot dates and cycle analysis are also utilized to forecast reversal dates.
The indices covered include the NASDAQ, DOW, S&P 500, Nikkei, and DOW Transports. Commodity charts include the CRB Index, Copper, Crude, Sugar, Wheat, Corn, Soyabeans, Platinum, Palladium, Gold, Silver, HUI and the XAU (Gold and Silver index).
Additional Elliott Wave charts cover the US Dollar (USD),(CAD), 10 Year Treasury Note Yield (TNX), Nortel, Ballard Power, North American Palladium, Placer Dome, Gold Corp, Barrick Gold, High River Gold, Pan American Silver, Couer D Alene Mines (CDE), Bema Gold (BGO.TO), Durban Roodeport Deep (DROOY), Newmont Mining (NEM) and Agnico Eagle Mines (AEM).
Author: Dan Stinson
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