Prechter: US Dollar Bull Run Over, Wave 5 Complete, Euro Could Bounce to 1.30 But Would Rather Own Swiss Franc (CNBC Video)

Robert Prechter of Elliott Wave on June 10 on CNBC said the US Dollar was ready for a correction (after the 20% run from December) and the Euro's ready for a bounce.  Jim Rogers felt the same way about the Euro a few days ago on CNBC.  Prechter said the Dollar completed a Wave 5 structure (see below) and the Euro could bounce to 1.30 and squeeze some shorts (bears).  He said he'd rather be long the Swiss Franc than the Euro.  It was interesting that he said "Europe won't look as bad as somewhere else for a while".  That's how powerful charts are people, they predict serious events!  I hope you all bought the Dollar when Prechter was bullish in late 2009.  Regarding the market, Prechter thought the bear market that "resumed in April was still in force".  He didn't mention gold but on Tech Ticker he didn't see much upside given the massive bullish sentiment (front page NYT today!).  Trend is your friend until it ends...  I embedded the CNBC video below.  See my Jim Rogers post from Friday to see UUP, FXE and UUP/FXE ratio charts.

Elliott Wave International is offering 10 free lessons on the Elliott Wave Principle if interested.  DV is an affiliate for E-wave services.

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