Where will the dollar bottom?
The dollar is now on day 4 of its bloodbath phase. There is potential support at the 92 level and a little below 90. But it is getting close to the final bottom. 1-3 days left. Once the intermediate cycle low is complete then the euro will start to drop ahead of the Brexit, and we will get an equally scary panic in the euro in late June.
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The bull market in the dollar is over.
Just like I warned the dollar has signaled another failed intermediate cycle. There’s no longer any question. The deflationary, dollar to 120, scenario is out the window. Just like I predicted there was never any real chance of that happening to begin with. When will these guys stop living in the past and realize we aren’t going to make the same mistake again that we did in 2008.
The risk was never deflation, it was always inflation.
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Gold COT’s and sentiment levels suggest one thing – traders you don’t have to chase, you will get a better opportunity. Traders already long should trail a stop. Old Turkey’s just ignore the market for the next 4-5 years.
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