Impulsive Decline In The FXI

The clearly impulsive decline in the FXU is consistent with wave 1 of (C) of a large flat correction. Notice how today's low almost touched the August high. We have discussed how the FXI has been leading the US indexes, and while there may be a near term rally, this action suggests that the US indexes may follow suit. If so, we should see downside acceleration very soon.