Dollar about to decide
Here are two interpretations on 4hr charts. Mostly choppy action with swings coming after close to 61.8% moves, typical in a triangle. You can look at Gabe’s chart for the larger picture.
The first triangle is the bearish view of the fourth wave. Here I would expect wave E to finish around 93.8 and then there would be a thrust lower to complete wave 5. The target should be at least 91 but possibly as low as 89.6
The second triangle considers the move after black A to be of a lesser degree. Therefore we still get the bounce to 93.8, then a pullback and this time an upside breakout to about 97.4. This then sets up a larger decline for the dollar.
The dollar is still going to around 90 IMO, the only question is when. Just like any TA, the signal comes from the direction of the triangle breakout. EW is simply trying to locate where that’s likely to be and what the future implications are. Placing buy and sell stops where I’ve indicated is a reasonable approach.
My personal view is that the dollar is going a lot lower than 90. I can see 80 in the next 6-12 months and ultimately 70 or less as the dollar cycle bottoms.
https://goldtadise.com/wp-content/uploads/2017/10/Chart336dollar.png
https://goldtadise.com/wp-content/uploads/2017/10/Chart335dollar.png
Thank you, Northstar, very much , indeed!