The dollar delivered a possible game-changing bearish surprise on Friday.
The dollar printed a new high on Wednesday, day 20, locking in a right translated daily cycle formation. The dollar formed a swing high on Thursday. Then the dollar dropped on Friday, plunging for 1.65% This could be a game changer. The plunge caused the dollar to close below the lower daily cycle band which indicates that the dollar has begun its intermediate cycle decline. A failed daily cycle will confirm that the intermediate cycle is in decline. If, in fact, the dollar has begun its intermediate decline, that changes our expectation for precious metals.
Friday was day 10 for the new daily cycle. Stocks appear to be trading sideways, allowing the 10 day MA to catch up.
Stocks continue to close above the upper daily cycle band, indicating that they 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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