Not much update today other than my consideration that ITD 8 low as most likely already arrived on April 22 at 4395. Intermediate Term trend (ITD 9) is therefore UP until around May 5.
There are still two possible scenario from this point:
1. If MTD 11 has arrived at ITD 7, then ITD 9 around May 5 would be below 5067.
2. If MTD 11 will arrive at ITD 9, then ITD 9 around May 5 would be above 5067.
Considering that we still have several trading days to ITD 9, and looking at Daily and Weekly USD Index Elliot Wave count, I'd say that there's a real possibility that 5067 may be taken out. However, instead of going long here, I would prepare to set up a medium term positioning by shorting around May 5. Be careful on this Wednesday during FOMC rate decision. There could be another potential significant market moving news here.
