The dollar continued to rally today.
The dollar printed a bullish reversal last Tuesday. Even though 15 days is shy of the normal timing band for a daily cycle low, we discussed the possibility of an early daily cycle low due to the dollar being very deep in its intermediate cycle. The dollar went on to break above the declining trend line on Friday and today delivered bullish follow through to confirm this as day 4 of the new daily cycle.
The Miners have reacted bearishly to the dollar rallying.
The Miners formed a daily swing high last Tuesday as the dollar printed its bullish reversal. The Miners broke below the daily cycle trend line last Wednesday, as the dollar continue to rally. That trend line break signaled that the Miners were beginning their daily cycle decline. The brief counter-trend rally appears to have set the declining trend line for the Miners. And today as the dollar delivered bullish follow through the Miners closed convincingly below the daily cycle trend line to confirm the daily cycle decline. A peak on day 5 assures us of a left translated cycle formation that should lead to a failed daily cycle.
I suspect that the dollar is beginning a new intermediate cycle. That will likely send the Miners into their intermediate cycle decline.
But the bigger picture for the dollar is down. In my Special Dollar Report we will look at the big picture for the dollar. We will look at where the dollar is in its 3 year cycle and its 15 year super cycle. And then we will look at what happened to gold.
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