The dollar printed a huge bearish engulfing candle on Monday, day 7. The dollar also lost the 50 day MA on Monday and it looked as if this daily cycle was in decline.
The dollar recovered on Tuesday and continued higher through Thursday, closing just below the Monday high. A break above Monday’s high of 96.70 negates the bearish engulfing candle. It also begins to shift the likelihood that this daily cycle will form in a right translated manner.
Stocks opened the week on Monday by plunging over 2% for the day, stopping just above the 200 day MA. That was enough for stocks to break below their previous daily cycle low forming a failed daily cycle .
The rest of the week resembled an oversold bounce. With Tuesday being day 15 stocks have another 3 to 4 weeks before printing a daily cycle low.
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