After peaking on day 16, the dollar formed a swing high & closed below the upper daily cycle band to signal the daily cycle decline.
The dollar printed its lowest point on Thursday, day 23, following the cycle peak. The dollar could still break lower but a move above 101.77 forms a swing low to signal a new daily cycle. A close above the declining trend line would then confirm the new daily cycle. The dollar has closed above the lower daily cycle band, maintaining its daily uptrend. It will remain in its daily uptrend unless it closes below the lower daily cycle band.
Friday was day 9 for the daily equity cycle. While stocks remain above the upper daily cycle band, indicating a daily uptrend, the momentum indicators have been developing a bearish divergence.
If the intermediate cycle is to form as a left translated weekly cycle then the current daily cycle would need to also form as a left translated cycle. Therefore a close below the 10 day MA could send stocks into their daily cycle decline.
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