Wednesday’s swing low and break above the declining trend line confirms that the dollar has begun a new daily cycle.
The dollar has been in a daily down trend as characterized by peaks below the upper daily cycle band and lows below the lower daily cycle band. The dollar will remain in a daily down trend until it can close above the upper daily cycle band.
Stocks formed a daily swing low on Tuesday and then closed convincingly above the declining trend line on Wednesday to confirm a new daily cycle.
Stocks managed to stay above the upper daily cycle band during the decline into the daily cycle low indicating that stocks are in a daily uptrend. Stocks will remain in a daily uptrend until they close below the lower daily cycle band.
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