And I assume that is true, because otherwise, DXY would be trading much lower. Whomever(s) are responsible for one of the nastiest price corrections I have seen are undoubtedly ready to throw in the towel, after wiping the paint off their faces, because deep down they know, they will have to deliver the dollars. Unfortunately, unless they are in that process as I write this, I foresee such delivery may be at a relatively high premium compared to price at which they sold them. This correction has almost every corrective pattern ever outlined by the foremost Elliot Wave practitioners that I have read. There are triangles, irregular b waves, and ultimately, combo after combo or JUNK. The price action here tests the limits of what can happen without obviating the practice of tracking price waves. For the first time in the 2 years I have been trading using EW technicals, I have been ready at times to say that price has been hijacked, or that Elliot was wrong. Nonetheless, in the end, sometimes by a pip or two, price has barely adhered to the panacea of rarities in the world of Elliot Wave Theory, which is why I say "ugliest" and why I call the traders of the JUNK "clowns." Either they lost a ton, or they attempted to orchestrate destruction of the markets fabric, both things that only clowns would do. However, in the end, I maintain my faith in humanity and nature, and believe that what could follow will be just deserts, even for clowns. A swift move to the 109 area seems appropriate because this correction is maxed, and I imagine, even the clowns are weary. We do not control price, alone...the market does. And what the market wants, it gets. Price needs one more Intermediate wave to new highs, ideally into the extension area, which will likely breach the larger 1.0, due to price destruction that has taken place. This is a cycle b wave, by my count, and as soon as it completes, all the haters can have the dollar crash they so desire. I will observe, as usual.
Best, Cuz
Best, Cuz
Comment:
Is that all these clowns have? Who knows...maybe they value dollars less than you can imagine. That is fine with me, if so, because I am still building. However, news is Berkshire/Buffet is selling Apple and building a cash position. Don't know if this will matter, but what should happen next is a run up to around 106.15 for Minute ((a)) of Minor A.
Comment:
Want to clarify and correct this post. DXY Futures made a new high April 30/May 1, and I have adopted that as the high, even in my spot chart...This explains the fits we have all been having trying to track the spot market when the magnitude of the correction clearly appears to be at least twice what was expected. This is a learning experience for me, and I will certainly be doing better to compare the two for these types of meaningful and clarifying differences.
