The dollar broke above the declining trend line and closed convincingly above the lower daily cycle band to confirm that day 39 hosted the daily cycle low.
If the dollar is still in its intermediate decline then current daily cycle rally should be halted by the 200 day MA. The dollar is currently in a daily downtrend. It will remain in the downtrend until it closes above the upper daily cycle band.
Stocks printed their lowest point on Friday following the day 34 peak. Friday was day 43 for the daily equity cycle, which places stocks deep in their timing band to form a daily cycle low.
Stocks have been consolidating for over the past month. With stocks in their timing band for a daily cycle low a likely scenario would be a false break down out of consolidation. Followed by a rally into the new daily cycle. Keep in mind that stocks continue to be in a daily uptrend. They should remain in their daily uptrend unless they close below the lower daily cycle band.
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