Cycle Trading

In the Weekend Report we discussed the possibility that the dollar could bounce into a new daily cycle off 79 level.

(from the Weekend Report)

So far that appears to be what is unfolding with the dollar.

And here is what it looks like on the weekly chart.

It does appear that the dollar is going to continue its intermediate cycle decline.
Because this weekly cycle has failed, this decline will also lead to a yearly cycle low.

Here is a quick look at the Euro:

The Euro peaked on Friday, when the dollar bottomed.
This morning it appears to be printing a reversal at a significant pivot, hmmmm.

Back to the dollar.
The framework continues to progress.
But what is needed now is for the dollar to break below last week’s low of 78.91.

Once the dollar breaks below 78.91, it is toast.