USD/PEN: 3.7815 Sol
Dollar Index: 98.22
Bitcoin: $40907 BTC
Gold: $1933 an ounce
US Oil: $104.95 barrel
US Dollar index closed down for the week at 98.22. The Buck opened at 99.12 Monday, put in an intraweek high at 99.29 and an intraweek low at 97.72 before closing at 98.22 Friday. It was the first increase since Dec of 2018 and in line with market expectations. US SPX500 Large Cap gained +266.7 points—a 6.34% gain one the week.
Inflation has been hot for over a year now and the FED has been warning of raising rates. The Buck has been on an upward trend since the 89.20 Jan’ 21 Intermediate (C) low. You would have thought that the FED tightening would have continued the bullish trend. For the week, this was not the case though. And the Elliott Wave structure also points to more dowside for the buck for at least a year or so. The Elliott Wave pattern at the 99.41 March’ 22 high counts a complete zigzag for Intermediate (C) of a triangle most likely taking place. And, notice that this week’s candle is inside last weeks which warns of a reversal. Also, Intermediate Fibonacci 61.8% (D) vs (B) target have been reached. If this count is correct, the index is expected to drop to the 90.85 Fibonacci 61.8% (E) vs (C) where Intermediate (E) terminates Primary X. From there the longer term trend from the 70.09 March’ 08 low should resume.
