The dollar broke below the preceding daily cycle low to form a failed daily cycle. The buck continued lower this week forming a swing high.
The failed daily cycle signals that the intermediate cycle is in decline. With Friday being day 15, the dollar is still 3 days shy of entering its timing band for a daily cycle low that can stretch out to day 25.
Stocks opened lower on Monday. Stocks lost both the 200 day MA and the 50 day MA on Wednesday. Stocks were unsuccessful in trying to regain those two moving averages on Thursday.
Stocks broke below the previous daily cycle low on Friday forming a failed daily cycle. With Friday being only day 18, stocks can go lower for another 12 to 27 days before printing a daily cycle low.
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