Candlestick Reversal Pattern Is Driving The Dollar To New Highs

From a High of 121.02 in September 2001, the Dollar fell almost uninterruptedly for the next 6 years to a Low of 70.70 in March 2008

. Candlestick patterns subsequent to March 2008 indicated that the major underlying trend had changed from Down to Up. The first wave of that new Up trend ended in March 2009, concurrently with the onset of the Great Rally of 2009 in stocks. As the Rally progressed, the Dollar retreated, inversely thereto, until November 2009, at which time it turned positive again, thereby anticipating the end of the Rally. In June 2010 it peaked again, completing a bullish wave of one lesser degree than the major trend. It has been correcting. The correction is over, and the Dollar is now advancing again.

Therefore, the Dollar is now in "third waves Up" of both Primary degree and Intermediate degree. The Candlestick bar for the week of August 13 is a tall white candle which "bullishly engulfed" the three "Real Bodies" of the price bars which preceded it. This is a powerful reversal pattern. These "third waves Up" of two degrees of trend, working hand in hand, should drive the price of the Dollar to at least 100 before they are complete, possibly to 104, months from now.

Thereafter, we can expect a downside partial correction, being a fourth wave, which will be followed by a "fifth wave Up" that will carry the Dollar far above 100. That won't happen soon; it's many months even years - in the future.

The Dollar is anything but dead. The rise in its value (as compared to other major currencies), now underway, will distress those who bet against it. The Candlestick patterns tell us that it will be a powerful advance.

Candlestick Reversal Pattern Is Driving The Dollar To New Highs

By: William Kurtz

POST COMMENT

Advantages of the New Method in Sending Gifts to the Philippines How Solar Energy Panels Are Made Providing a whole new look to your personality through dentistry Add to the bewitching look and persona by using African American hair extensions to give a new look to your thin and light hair Search engine optimization - Lets Make Some New Trends All New What Is The Best Strategy To Win Your Ex Back? - The Guide On How To Win Your Ex Back Compact Wine Refrigerators: Just The Thing For A New Wine Collection Can Solar Panels Really Be Built By A Regular Guy? The Reasons Why People Should Use Energy Conserving Products Advertising A New Corporation Using Different Methods All New How To Attract A Guy For The Young And Seniors All New Get Your Ex Back - These Simple Points Will Clearly Show You How To Get An Ex Back Fast Residential Solar Power Systems As Alternative Energy