The dollar has formed a daily swing high and broke below the daily cycle trend line to confirm that it is declining into its daily cycle low.
Friday was day 19 for the daily dollar cycle, placing the dollar in its timing band for a daily cycle low. At this point, a swing low and a break above the declining trend line will signal a new daily cycle. The dollar currently is in a daily uptrend. It will remain in its daily uptrend unless it closes below the lower daily cycle band.
Stocks have formed a daily swing high.
Since stocks are emerging out of an intermediate cycle low, we should see a right translated cycle formation. Therefore stocks should decline into a half cycle low and then break to new highs. Stocks continue to close above the upper daily cycle band, which indicates a daily uptrend. Stocks will remain in its daily uptrend unless it closes below the lower daily cycle band.
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