Both the dollar and equities appear to have hit turning points.
The dollar is 21 weeks into its intermediate cycle and due to roll over into an intermediate cycle low. Therefore our expectation would be to see the dollar to roll over by day 8 and print a failed daily cycle.
We can see that the dollar peaked on Tuesday which was day 5. While the dollar closed lower on Wednesday, a swing high did not form until today. The dollar also broke below the daily cycle trend line which signals a daily cycle decline and fits into our expectation of forming as a left translated cycle. The bearish crossover on the True Strength Indicator also signals a daily cycle decline for the buck.
Stocks printed a bullish reversal today. Thursday was day 39 for the daily equity cycle. Stocks are in their timing band to print a daily cycle low. The bullish reversal has eased the parameters for forming a swing low. A break above 1952.32 forms a swing low. Then a break of the declining trend line confirms a new daily cycle.