US Dollar

he greenback had a huge spike higher Tuesday, before spending the rest of the week retracing the move off the 75.085 L.
It appears that early morning spike was a "thrust" out of a (iv)th wave triangle. If correct, the 77.50 H completed a 5 wave structure that would be labeled minute [i].
The ensuing retracement would be the wave [ii] retracement. It is unclear if [ii] has finished or not. It has retraced 78.6% thus far, a perfect wave retracement in my opinion.
Notice that RSI has failed to breakout of the 50% level once again. This has become the rock of Gibraltar.
Also notice that price could not successfully close the 50 sma.
Both of these appear to be setup to give way when we get our next 5 waves up.
The 75.085 L is a critical level for this assessment. Should we trade through that price, we obviously have something wrong.