The dollar’s daily cycle peaked on Monday, day 19. That assures us of a right translated daily cycle formation.
The dollar formed a swing high on Wednesday and then closed below the the 10 day MA on Friday to signal the daily cycle decline. The dollar is in a daily uptrend. If a swing low forms above the lower daily cycle band it will remain in its daily uptrend. But if a swing low forms below the lower daily cycle band that would end the daily uptrend and indicate the beginning of the intermediate cycle decline.
The initial surge out of the day 52 DCL left behind 2 gaps and caused stocks the get extended above the 10 day MA.
Stocks filled the lower gap on Thursday and then formed a swing low on Friday. This allows us to construct the daily cycle trend line (and move up stops) and label day 13 as the half cycle low.
This is the 1st daily cycle for the new intermediate cycle. Therfore our cyclical expectation is to see this daily cycle right translate. Stocks will need to break above the day 7 high of 2815.15 to do so. Stocks are currently in a daily downtrend.
If stocks have begun a new intermediate cycle then they will need to establish a new daily uptrend. A close above the upper daily cycle band will end the daily downtrend and begin a new daily uptrend.
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