Looking at this ETF I can make a decent case that its close to ending wave 3 of a possible impulse wave, so a rally for wave 4 is expected soon, Based on the correlation between this ETF and DXY, it could well argue for a decent pullback on DXY for a possible 4th wave.

A move towards 18.20 – 18.40 is a good area to end wave 4 on EMLC and setup for a move lower.



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