The Dollar
The dollar broke below the previous daily cycle low on Wednesday to form a failed daily cycle.
The dollar printed its lowest point on Friday, day 18. That places the dollar in the early part of its timing band for a daily cycle low. The approaching 200 day MA is a likely spot to provide support to the dollar and could trigger an early DCL. The dollar has begun to close below the lower daily cycle band. This ends the daily uptrend and begins a daily downtrend. Closing below the lower daily cycle band also signals that the intermediate cycle decline has begun.
Stocks
Stocks continued to rally out of its daily cycle low.
Stocks regained the 200 day MA on Tuesday and the 50 day MA on Friday. Stocks are still in a daily downtrend. However a close above the upper daily cycle band will end the daily downtrend and begin a daily uptrend. And closing above the upper daily cycle band will also indicate that the intermediate cycle low has been set.
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