The US Dollar Index finally found traction at the 78 handle, near a key fibonacci retracement level (61.8% of 71.31-88.19). Extreme oversold daily studies helped end a brutal third wave and underpin a counter-rally towards the 81 handle, approximately a 1/3 retrace. Once this corrective move (fourth wave) is complete, the fifth and final wave should target obvious support at 76.00. Expect near-term weakness while trading below the 20-day MA.
Strategy Summary: BUY AT 1.3764, TARGET 1.4144 1ST, STOP AT 1.3709
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