Dollar strength today has altered my count. It looks like 2 finished at 25.19 and we’re on our way up in five waves to complete the 3. Wave (i) completed today at the close. I’m looking for a wave (ii) pullback to the 50% mark around 25.35…. EWO is confirming. We were expecting a lower low below 25.18 to complete the C wave of 2; however, we only got 25.19… I’ll take that as a double bottom…

0804_DollarUpdate

Sorry to say this opens the door to lower commodity prices…. If Gold holds 1070 or so we may get a corrective bounce back to the 1098 area before heading lower to complete the (v) of 3…. Tomorrow should be interesting….