The dollar printed its lowest point last Thursday, following the day 16 peak. While the dollar has formed a daily swing low, it is still trying to get in gear to confirm the new daily cycle.
The dollar’s daily cycle has averaged 31 days since printing its yearly cycle low last May. Thursday was day 30, placing the dollar in its timing band for a daily cycle low. The dollar needs to break above the declining trend line in order to confirm the new daily cycle.
The Miners have formed a swing low but have not confirmed a new daily cycle. Perhaps it is because they are sniffing out an impending dollar rally …
The Miners printed their lowest point Thursday following the day 22 peak. Thursday was day 24, placing the Miners in their timing band for a daily cycle low. However Thursday’s low did not even reach the 38% retracement. A rallying dollar will likely send the Miners lower. If so, we will be able to draw a declining trend line off of Monday’s candle. Then wait for the next swing low to potentially mark the Miners daily cycle low.