US Dollar Update: Dollar Rally is Just Gettin' Warmed Up

[NOTE:  Intraday market discussion is being held in the comments of the SPX Update (next article below).  Please join us there.  :) ] 

The dollar continues to track my roadmap from September 3rd, when I first suggested a massive rally was on the horizon.  The most recent update from October 29 nailed the bottom perfectly -- and if the dollar continues to track, then the dollar rally is about to accelerate even faster. 

The dollar appears on the verge of entering a nested third wave advance, which should soon explode to the upside.  I have updated the daily dollar chart to show the targets for wave (iii) of iii of (3).

If the short-term count is correct, the dollar may do a little backing and filling first, before launching higher in wave 3 of (iii).  79.83 is the level that needs to hold for the short-term view that the dollar has entered wave (iii) to remain viable.  At the hourly level the dollar appears to have completed a small five wave advance, and may be due for a short-lived correction.  Correction target box in yellow on the chart.

It bears mentioning that this first wave is a very good-looking impulse wave -- about as clean as they get.  If this is indeed the beginning of a nested third wave advance, it's always possible that the correction won't even make it down to the 38% Fib zone.

The original article, and many more, can be found at http://PretzelCharts.blogspot.com