The dollar continued lower this week.
While Friday could be day 8, since 5 of the previous 7 dollar daily cycles stretched 30 days or longer makes it likely that Friday was day 37. That places the dollar deep in its timing band for a daily cycle low. At this point a swing low has good odds of marking the DCL, The dollar is in a daily downtrend and will continue in its downtrend until it closes above the upper daily cycle band.
Stocks formed a swing low on Friday to indicate that Thursday hosted the daily cycle low.
A break of the declining trend line is normally used to confirm the new daily cycle. However the recovery on Thursday and Friday following Wednesday’s steep sell off does not allow for the construction of a declining trend line. Since stocks faded into the close on Friday, I would like to see a close above the upper daily cycle band before labeling Thursday as the daily cycle low.
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