If wave (i) then currently we are in (ii). This is a personality of a carnival huckster with misdirection to make us believe that God is behind the move. Wave (ii) can retrace 100%. The abc up count is complete.
If the down move was just completing abc then either there is more abc action, possibly ekeing out a nominal new high or the bull returns in force and blows by the old high.
I believe that with I1 going down that the huckster has enthralled us. I put a stop at old high 11,151 + 27 points. If DJI beats 11,178 then it is real.
On the dollar front, the overlap of Monday's 77.865 high caused me to sell 1% of my DX position, since this invalidated the impulse idea. Dollar index traced a 5 down throughout the day and offers a potential trading opportunity. The green line in the following chart + 9 cents will provide a signal for an upside breakout of the trading range. If no breakout then the move continues lower. I sold my 1% DX at 77.46 and put in an order to buy 9 cents beyond the green M/A for a potential move to the 77.90 area.
Silver retraced it's decline back to the base of the descending non-EW triangle formed last week. It appears poised for decline.
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