The dollar printed a 25 day, daily cycle low on June 8th. The new daily cycle peaked on day 6 and then declined, breaking below the previous daily cycle low on Thursday to form a failed daily cycle.
Since a daily cycle cannot fail and then break out to a new high, we need to label Friday was day 1 of the new daily cycle. Obviously the BREXIT has shortened the dollar’s daily cycle.
The BREXIT caused stocks to drop over 3.5% on Friday to break below the daily cycle trend line to confirm the daily cycle decline.
The peak on day 13 has locked in a left translated daily cycle formation. Stocks also closed below the lower daily cycle band on Friday. This signals an end to the daily uptrend. With Friday being daily 25, stocks still have another 5 days before entering their timing band for a daily cycle low. A break below the previous daily cycle low of 2025.91 will form a failed daily cycle and confirm that the intermediate cycle is in decline.
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