The buck has powered higher, well above our target today. And it now leaves open the key question: Have we seen a dollar low; i.e. is this the trend move to 102 we have been targeting longer term now underway?
Effectively, we defined the low in our “alternative” or secondary view we shared earlier in the week. Here it is again below. We shared this in a video update. To summarize again, the low in the dollar index was at Wave c of (c) of [ii] and it represented what is called a “running flat” correction. So, now, this view takes precedence despite the very extended US dollar index on a near-term basis. We will have to watch the reaction from this powerful move today. If a three-wave corrective, it suggest the trend move higher is underway and we have seen the bottom. More on this on Monday.