Stocks printed a bullish reversal on Friday, day 58. That was deep in its timing band for a daily cycle low. While stocks did close above the upper daily cycle band on Tuesday, we are still waiting on confirmation for the new daily cycle.
Stocks retreated from the declining trend line on Wednesday and broke lower on Thursday, but managed to find supper today at the 50 day MA. If stocks close below the 50 day MA that would signal that the stocks is still seeking it daily cycle low. But a break above the declining trend line will confirm the new daily cycle.
We are still waiting on the dollar to confirm if a new intermediate cycle has started.
The dollar is currently in a daily down trend and will remain in a daily down trend until it can close above the upper daily cycle band. A close above the upper daily cycle band will indicate that the intermediate cycle low has been set.