Dollar Bottoming at Cycle Low
06/12/17 INSIIDE Track Intra-month Update:
“The Dollar Index remains negative but spiked to new intra-year lows during the 22nd week of this decline – fulfilling a significant wave relationship projection. That low completed the 3rd of 3 successive declines – since March 2015 – each with almost identical duration (22–23 weeks).
On a pattern basis, the monthly trend pattern set the stage for an initial low in early-June & a possible 1–3 month rebound to follow (after which another wave down could be seen).
If confirmed, that has the potential to last into the time when the next multi-month peak has been expected to take hold – in early-Sept. 2017, the next phase of a 35–36 week/~8-month low-low-high-(high) Cycle Progression (that followed a similar, 36-week rally). It would also represent a .618 rebound in time (22 weeks dn/13 weeks up).
As explained in a recent Weekly Re-Lay Alert, the Dollar is showing some intriguing inverse correlation (as might be expected) to several cryptocurrencies like Bitcoin & Ethereum – both of which just hit parabolic upside targets today as they fulfilled the daily cycles cited in that Alert.
It will be intriguing to see if the Dollar reverses its daily trend up and corroborates that analysis. It would take a daily close above 97.22/DXU to reverse that trend to up.
The Euro is the inverse of the Dollar BUT not reflecting the comparable level of strength. It has only neutralized its monthly downtrend twice, setting the stage for an early-June peak & reversal lower. That was corroborated by the weekly LHR pattern, projecting a peak by June 9th.”
Dollar poised for rebound from June 5–9th cycle low. Bitcoin & Ethereum fulfill upside price targets & cycles and prepare for sharp correction, following June 11th cycle peak. July/August 2017 holds intriguing potential for Bitcoin and other cryptocurrency.
See Weekly Re-Lay & INSIIDE Track for additional analysis.