I think we can safely say that (5) Up for the Dollar has started… First target has been reached and should be exceeded. But……….. that EWO says more downside???? A deeper pullback??? A truncation???? Have to wait and see!!!!!!!!!!!!!

0611_UUP1

From the chart you can see that our initial minute i target of 25.04 has already been hit and exceeded by one penny. I only count four waves so far so we might expect a little higher (but not much) then a minute wave ii pullback — wouldn’t expect much… 23% maybe — then on to Minor (i) target of 25.31… The only problem with this is unresolved EWO divergence… we need a lower low… the EWO (5,10,0) shows the divergence… maybe we have to settle for that…

Of course you guys realize that this could be just a 3 wave corrective up with another  5-wave move down coming…. I’m not worried??!!!!