John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Chip McVickar who wrote (4116)	6/25/2001 11:54:50 AM
From: John Pitera	Read Replies (1) of 33421

HI Chip, I do think that we'll see another rally back towards .97 for the euro, very much like the rally we had from the Oct 2000 low of .82 and change up to the Jan 2001 high near .97. The decline since Jan has looked corrective in nature, and hence we should see another meaningful rally. I think there is a chance that we might move lower first to more fully retest those Oct 2000 lows near .83 I Do think that if you look at the USD Index from 1997 One can see a 5 wave sequence finishing as well as one of a smaller degree that started in Oct of 1999. We also look like we've completed an even smaller 5 wave sequence from the 4th Q of last year. So I think we have seen a major high in the USDollar, although a further high can not be ruled out, Since we know that when markets are in the later stages of a multi year bull market it does take time for the topping process to play out. Certainly the US Manufacturers have been loudly complaining about he high valuation of the USD. even the UK's Economist Magazine study of the Big Mac Index shows the US Buck to be more overvalued than any time since it's inception. John

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