The dollar has continued moving lower, indicating that the wave 4 green correction is still in progress. Our mid term target remains the same. At 78.833 wave 3 pink will reach 1.618 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 than equality with wave 1 pink. The next likely relationship is 1.618 its length. We do have a full daily candle above the upper trend line providing us with more confidence in this wave count. Any further extension of wave 2 pink may not move beyond the start of wave 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 of wave 1 pink. At that stage we may move the invalidation point on the daily chart up to the start of wave 3 pink at 73.51. Wave 3 green has no fibonacci ratio to wave 1 green. It is more likely then that wave 5 green will exhibit a ratio to either of 3 or 1. Within W orange of wave 4 green there is no fibonacci ratio between waves A and C purple. Ratios within wave A purple of W orange are: wave 3 aqua has no fibonacci ratio to wave 1 aqua and wave 5 aqua is just 0.02 short of 0.382 the length of wave 3 aqua. Ratios within wave C purple of W orange are: wave 3 aqua is just 0.01 short of 4.236 the length of wave 1 aqua and wave 5 aqua has no fibonacci ratio to either of 1 or 3 aqua. There is no ratio between waves A and C purple within wave X orange. Ratios within wave A purple of wave Y orange are: wave 1 aqua has no ratio to wave 3 aqua, wave 5 aqua is .032 shorter than 1.618 the length of wave 1 aqua. Wave B purple within wave Y orange is a perfect flat correction, with wave B aqua retracing 100% the length of wave A aqua and wave C aqua retracing 100% the length of wave B aqua. We expect that wave 4 green is unfolding as a double zigzag correction with waves W, X and Y orange. If wave C purple of wave Y orange is subdividing into aqua degree as labeled, we would need wave 5 aqua to not be longer than wave 3 aqua, as wave 3 aqua is already shorter than wave 1 aqua. One of the Elliott Wave rules is that wave 3 may never be shortest of the impulsive waves 1, 3 and 5. We therefore have a target of 74.45 where wave 5 aqua will reach equality with wave 3 aqua and would therefore not be the shortest. This means that wave 4 green could possibly already be complete. However, we have a second target at 74.25 where wave C purple of wave Y orange will reach equality with wave A purple of wave Y orange. If the dollar is going to move lower to this target, then wave 3 aqua within wave C purple may unfold as an extended wave. We will assume that the trend remains down until we have full hourly candle above the upper trend line. We therefore can not yet calculate a target for wave 5 green, but an expected length for wave 5 green is 1.152 which is 2.618 the length of wave 1 green (.440). If the structure for wave 5 green requires further upwards movement then the expected length could be equality with wave 3 green which is 2.300. Any further downwards movement for wave 4 green may not move into wave 1 green price territory. This wave count is invalidated with movement below 73.95. The alternate hourly wave count sees wave 1 and 2 green as complete and wave 3 green subdividing into waves 1 and 2 orange with wave 1 orange complete. The structure of wave 2 orange is the same as our main hourly wave count, except that the degree of labeling has changed. We expect that wave 2 orange is unfolding as a double zigzag correction with waves W, X and Y purple. If wave C aqua of wave Y purple is subdividing into red degree as labeled, we would need wave 5 red to not be longer than wave 3 red, as wave 3 red is already shorter than wave 1 red. We therefore have a target of 74.45 where wave 5 red will reach equality with wave 3 red and would therefore not be the shortest. This means that wave 2 orange could possibly already be complete. However, we have a second target at 74.25, only .01 above the invalidation point, where wave C aqua of wave Y purple will reach equality with wave A aqua of wave Y purple. If the dollar is going to move lower to this target, then wave 3 red within wave C aqua may unfold as an extended wave. We will assume that the trend remains down until we have full hourly candle above the upper trend line. The expected length for wave 3 orange is 2.82 which is 1.618 the length of wave 1 orange. Because wave 2 orange is a deep correction of wave 1 orange it is unlikely that wave 3 would be equal to wave 1 orange only and the next likely ratio is 1.618. Movement below 74.24 will invalidate this wave count as wave 2 orange may not move beyond the start of wave 1 orange.

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