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USD Index: The Ending Diagonal Project

On June 27 I posted a potential Ending Diagonal project for the USD Index.

If this count is correct price should be now approaching the bottom of the wave (IV).

So far the internal structure of the assumed wave (IV) of the ED project is corrective but it needs to be completed at a level not lower than in the area of 81.40

USD Index: The Ending Diagonal Project
Larger Image

This pattern is now critical for the SPX scenario that calls the move off the June 4 low as a countertrend wave (B), most likely within a potential Flat EWP, which would imply a move that will head back towards the June lows, while the USD Index completes the ED with the wave (V) up.

 

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