Yesterday I mentioned the “Dollar was remotely in control” and was testing key support. (see post here)
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Above is an update to yesterdays key support test in the Dollar. A bullish wick at support is a little more pronounced at this time this morning, than the same time yesterday morning at (1).
The decline in the Dollar over the past few weeks has fueled a rally in some of the commodity and stocks arenas. The 23% level was resistance for MONTHS and now is being tested as support.
I suspect some Elliott wave experts and fans could label the rally up to the 38% level as wave (1) and the decline to the 23% level as wave (2). If this would happen to be correct, a wave (3) rally to the upside in the Dollar would be about to take place. If this EW pattern/read does come true, holy cow batman….risk assets are in trouble!