Last month DSI sentiment in the Dollar reached bullish extremes; we’ve found that it is the second occurrence of bullish extremes that actually follows with a notable position unwind. Another point of note is the clean 5-wave structure that is in place from the May lows; the new 5-wave high has a weaker RSI position. (d) S/t, the final 5th wave higher looks to be tracing a wedge. Because this is still a strong uptrend and because the dollar has broken major l/t resistance levels, we NEED to see a reversal and impulsive decline on the intraday charts to support our call for a meaningful correction lower. (60m) Conviction: Med Levels: Support – 87.60, 87.13, 86.72 Resistance – 88.19, 88.54, 88.90
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