After an overlapping, three-legged move within wave 5 as part of a bigger elliott wave ending diagonal on the usd index, we can see that index found resistance at the 99.37 area, and started dropping sharply. We labelled a three-wave a/i, b/ii and c/iii reversal in progress, with price now unfolding a temporary pullback in wave b/ii. That said, once a minor setback fully develops, that is when wave c/iii may take price towards, and below the 97.30 region.

USD Index, 4h

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