The dollar’s daily cycle peaked on day 9. A swing high formed on day 10 as the dollar closed below the 50 day MA. The dollar went on to break below the 200 day MA and the previous daily cycle low on Wednesday, forming a failed daily cycle.
After the big move down on Wednesday, the dollar skirted along the 200 MA the next two days. Friday was day 14 for the dollar’s daily cycle. The dollar is four days shy of entering its timing band for a daily cycle low and is pressing up against the declining cycle trend line. The dollar should be rejected here and continue lower, seeking out its daily cycle low.
Stocks have been in a triangle consolidation pattern. The spike down on Wednesday, day 26, is likely an early daily cycle low.
Stocks formed a swing low on Thursday and followed through by closing above the 10 day MA on Friday. A break above the upper stem of the triangle consolidation will confirm a new daily cycle. The FAS Buy/Sell Indicator (which is a proprietary signal provided to subscribers delivered a confirmed buy signal on Thursday, which is another signal for a new daily cycle .
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