Will the Dollar Gain Support? An esoteric TA view - Fib Fans etc!!!!
Hmmm…my Good friend GoodVibe recently had an excellent and provocative post on the shiny metal. Obviously , his intention was to stir some debate and banter and he got his hands full. People like Chris ( TMFSinchiruna), Binve , Kstar – all pretty much took the opposing view –and threw up some great fundamental arguments against this call. Sinchi went a little far…against modicum – and was called by another great friend Tastylunch on that – which I second.
Essentially folks….I am chickening out a bit here. I am not a regular to CAPS anymore – and do not think I can handle something as polarizing as PMs….so I will take the “poor mans” ( J) version and deal with the Greenback ie US $ - Of course you gotta depend on me to NOT FOLLOW good advice. Both Hans ( Porte) and Tasty – suggested I do a blog on my Long Term Fibs of Dow Supercycle and S&P Rally …which I posted in CIL ( coveritlive.com the GV Community Chat room ) and Stinkyfeet boards – because they thought I will get a lot of Recs! Obviously I love going on the tangent – so I decided on the $. This one is fraught with issues – but I believe it needs some attention at this juncture.
And we will begin with a chart which I posted in CIL recently. This one I discussed with GV
Accompanying would be GV’s own Dollar chart – obviously it looks similar
Both of these are obviously based on Elliot Wave Principle ( more so for GVs – I let the trajectory define direction most of the time) – and completion of 5 waves. This is important a FULL 5 waves – is the harbinger of Trend change ( Remember GV’s calls in March – due to this phenomenon).
Here the case is not so obvious….The index needs to breach the Fan line – for it to have some room to run. Additionally, there are myriads of other possibilities – this could just be a minor correction etc…
But I think a TREND CHANGE IS IMMINENT! Hence the blog.
I’ll try to have some more supportive charts up – if I can…I have them – so this is not just one chart and me trying to conjure up TA magic…..although you could argue how Global Monetary Supply can be influenced by TA – but there’s a small data point which I have – which makes me think – this could be something you keep on your radar screen. That’s all!