The dollar broke above the declining trend line on Wednesday and delivered bullish follow through on Thursday to confirm the new daily cycle.
Allowing 3 to 4 weeks for the conclusion of the current daily cycle will take the dollar into its timing band for an intermediate cycle low. Therefore we suspect that the current daily cycle will form as a left translated cycle. The dollar continues to close above the upper daily cycle band, signaling a daily uptrend. The dollar will remain in its daily uptrend until it closes below the lower daily cycle band.
Stocks formed a swing high on Wednesday off the day 26 peak.
Friday was day 29 for the daily equity cycle, which places stocks just one day shy of entering its timing band for a daily cycle low. A break of the daily cycle trend line will confirm the daily cycle decline. A peak on day 26 assures us of a right translated daily cycle formation. Stocks continue to close above the upper daily cycle band, indicating a daily uptrend. Stocks will remain in its uptrend until it closes below the lower daily cycle band.
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