The January 2 Profit Radar Report published this chart and long-term US Dollar Index forecast:
“The US Dollar Index could be at or near the end of a 5 ½ year rally. As per Elliott Wave Theory, it is possible to count 5 waves up from the May 2011 low. There are bearish divergences at the December highs, and investor sentiment is in favor of a lower dollar. We are alert for a potential multi-month US dollar decline."
As it turns out, the US Dollar Index actually peaked on January 3, and spent the next 8 months falling lower.
In August/September we were expecting a bottom, but at the time we were not sure how big of a bounce to expect.
In November it became clear that the rally from the September 8 low to the October 27 ...