The dollar did move lower, but not as much as we anticipated. Thefourth wave correction at orange degree was very quickly over. Our mid term target remains the same. At 78.833 wave 3 pink will reach1.618 the length of wave 1 pink. Because wave 2 pink was a deep 75%correction of wave 1 pink we would expect wave 3 pink to be longer thanequality with wave 1 pink. The next likely relationship is 1.618 itslength. Any further extension of wave 2 pink may not move beyond the start ofwave 1 pink. This wave count is invalidated with movement below 72.70. We shall have wave 3 pink confirmed when it moves beyond the end ofwave 1 pink. At that stage we may move the invalidation point on thedaily chart up to the start of wave 3 pink at 73.51. Wave 3 pink sees wave 1, 2 and 3 green as complete. Wave 3 green subdivides into orange degree with 5 completed waves. We expect downwards to sideways movement within wave 4 green followed by further upwards movement in wave 5 green. Ratios within wave 3 green are: There is no adequate fibonacci ratiobetween waves 1 and 3 orange, and wave 5 orange is .019 shorter than.382 the length of wave 3 orange. Ratios within wave 3 orange of 3 green are: There is no adequatefibonacci ratio between waves 1 and 3 purple, and wave 5 purple isexactly the same length as wave 3 purple. Ratios within wave 5 orange of 3 green are: There are no adequatefibonacci ratio between waves 1 and 3 purple, wave 5 purple is .010shorter than equality with wave 3 purple. We are aware that the wave 2 orange correction is larger than thatof wave 2 green. We have decided to use this wave count because thewave proporations below minor degree do not always look perfect, andthe behaviour of wave 3 orange is typical third wave behaviour. We have tried to see if a five wave impulse count could fit betweenthe low of wave 1 green and the high labeled wave 1 orange within wave3 green, if this could be the whole of wave 1 green. We are unable tosee a complete impulse within this movement and so the labeling we havehere, although proportions may not have the best look, does fit. We have 2 target zones where wave 4 green could possibly complete. At 75.44 wave 4 green will reach the .236 retracement of wave 3green and at 75.30 wave C orange within 4 green will reach equalitywith wave A orange. This provides us with our first possible targetzone coinciding with the fourth wave of one lesser degree. At 75.10 wave 4 green will reach the .382 retracement of wave 3green and at 75.03 wave C orange within 4 green will reach 1.618 thelength of wave A orange. This provides us with our second possibletarget zone coinciding with the fourth wave of two lesser degrees. We do not have an invalidation point to the upside as there is apossibility that wave 4 green could unfold as a running triangle whichcould see wave B within the triangle move above the end of wave 3 green. A second possibility is that the labeling within wave 4 green ispremature as we expect the correction to last at least for the next 24hours. We could move the degree of labeling within 4 green down onedegree and then we would be looking at only wave A within wave 4 unfoldfor a flat or triangle. Wave 4 green may not move into the price territory of wave 1 green. This wave count is invalidated with movement below 73.95.

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