The so called "Trump effect" was again in play last week as the markets sold the USD whilst he gave his press-conference; so I thought I'd put that theory to the test and have an alternate Elliot Wave count to the upside similar to my original idea EUR Long idea I posted back in Jan 2017.
This is again is becoming my preferred count as I anticipate the a massive sell-off of the USD whilst TRUMP is in power!
Wave 1: Leading Diagonal (5 waves broken down by 5 X ABC corrective waves) Wave 2:Triple Combo (WXYXZ) which retraced to a key fib level @ 0.618% Current Wave: Wave 3 of 3 looks like it has started signified with an impulsive move up (circle red) Forecast Wave: The current correction could be sub wave 4 so USD could indeed retest the 0.618% mark but the low at 1.03399 should hold.
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Happy Trading!!
Komen
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Looks like a retest of the 0.618% has just happened and a new low made so expect a sharp turn to the upside shortly.
In addition, there is massive divergency in all times frames so USD is 100% over-brought.