DXY just made it official, tagging the .618 Fib at 88.423 overnight. It came close on Jan 26, coming within 0.015 before a strong bounce which surprised a lot of people by not supporting stocks.
This latest move, along with VIX reaching our downside target, made it possible for ES to tag our first upside target from Feb 5 – albeit two days late.
I suspect this had more to do with SPX’s delay in tagging its own SMA200 than anything else. Bottom line, our analog remains on track.
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