The new high on Friday, day 9, begins to shift the likelihood towards a right translated daily cycle formation.
The dollar broke convincingly higher on Friday. The dollar closed above the upper daily cycle band which signals an end to the daily downtrend and indicates that 3/27/17 hosted the ICL.
Stocks broke above the declining trend line this week to signal that day 58 hosted the DCL.
So far the rally out of the day 58 DCL has been weak. The bearish reversal on Wednesday, day 7, sets up the potential for an extremely left translated daily cycle formation. This is the 3rd daily cycle for the current intermediate cycle. We are watching for a left translated daily cycle formation to set up a decline into the ICL. A break below 2322.25 forms a failed daily cycle and confirms the intermediate cycle decline. But there were two strong BOW days this week that signals that stocks will make one more push higher. A possible scenario would be a break higher to get everybody “on the wrong side of the boat”. Followed by the final decline into the ICL.
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