Thursday, December 18, 2014

[UUP] update

Here is the back link to the previous post.  The dollar doesn't want to go down easily but I think the wave count still favors counting the low of the 15th as wave 1 down.  Regardless, it likely does not have far to go before a reversal even it it hits a higher high because there is an alternative wave count which pegs the high of the 4th as a 3r, the move down to the 15 as a 4th and the current wave up as a 5th.  This is not my primary count but a higher high that that of 12-4 would make me switch it to primary.  In this case, I would expect the high to be $23.80 (5 of 5 = 1 of 5).


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