At this point the USD/Index is still pointing down.
In circumstances like this, the words of a colleague of mine run through my mind; “if it’s not going up… It’s still going down”.
It feels as if we are sitting on the edge of a turn with the COT sentiment at extremes and indicators highly oversold. So I am being extremely cautious on direction either way at this point.
Wave 5 does seem to be missing, but forcasting its size is dificult in a highly leveraged market that is running at extremes.
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