The dollar formed a failed daily cycle on Thursday. Friday’s swing low signals a new daily cycle.
Thursday was day 37 for the dollar’s daily cycle, placing it late in its timing band for a daily cycle low. A break of the declining trend line break will signal the new daily cycle. The dollar has established a daily downtrend. It will remain in a downtrend until it can close above the upper daily cycle band.
Stocks printed their highest point on day 16. A peak on day 16 sets up a potential left translated daily cycle formation. A break below the trend line will confirm the daily cycle decline
Friday was day 22 for the daily equity cycle. Stocks continue to close above the upper daily cycle band remaining in its daily uptrend. A break above the day 16 high of 2300.99 will lock in a right translated cycle formation. Stocks will continue its daily uptrend until it closes below the lower daily cycle band.
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