The dollar formed a swing high on Thursday. Friday’s move higher negated the swing high on Thursday.
The big day on Friday printed a new high on day 8 and a new high on week 21. Unless the dollar rolls over imminently this daily cycle will end up forming as a right translated cycle. Meaning then that one more daily cycle would be required to form and fail to lead to the intermediate cycle decline.
It is interesting to note that there was a relatively big Selling on Strength number for the dollar (UUP) on Friday. The weekly cycle is aging and this could be a sign of exhaustion for the dollar bull.
The daily equity cycle peaked on day 30. The lowest point following the peak printed on Thursday.
Thursday was day 39 for the daily equity cycle. Stocks are in the their timing band to print a daily cycle low. The bullish reversal followed by a swing low on Friday signals a new daily cycle. A break of the declining trend line will confirm a new daily cycle. However, as we will discuss in the Weekend Report, the weekly chart is signaling that an intermediate cycle decline is imminent.
The entire Weekend Report can be found at Likesmoney Subscription Services
The Weekend Report discusses Dollar, Stocks, Gold, Miners, The CRB Index, & Bonds in terms of daily, weekly and yearly cycles.
Also included in the Weekend Report is the Likesmoney CycleTracker
To subscribe: http://likesmoneysubscriptionservices.wordpress.com/
For subscribers click here.
You can email me at firstname.lastname@example.org to receive a sample copy of the Weekend Report