Trend: Bullish Percent not very bullish. See blue circled indicators. A break above 30 by the RSI(13) or RSI(5) would be considered bullish. A break lower is not out of the question…

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Dollar:  Fib projections put minute (i) at approximately 25.48. Fib projection for minuette i was 25.13. It looks like we got 25.05. Minuette ii finished today at 24.84 and we are now on our way in 5 waves to minute (i). I had thought earlier that we were still stuck in a wave 4 triangle but the Fibs are convincing me that we are in fact on the way up to our targets.

Note that CCI and ULT are pointing down. I expect these to turn soon as the RSI(5) and FastSTO have started their turn. EWO is in a Bullish formation. We have not gotten the lower low we expected suggesting that 24.84 may be all we get. If we break down further and get the lower low without getting a lower peak on the EWO, I would actually be happier…  The triangle alternate would come back into play but the count would still be bullish until we break below 24.79.

0616DollarEOD

 

GDX 2 Hour:  Bearish chart. Wave count suggests minute (iii) to end at least to 16.65 (where the length of (i) = length of (iii) but (iii) should be longer!!).  As noted on the chart we need to watch the EWO for a break of the support line. If it does then we have at least one more low possibly two.

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