The Dollar
I believe that the dollar was declining into a daily cycle low but that was aborted on day 21 and the dollar has since shot higher.
I am not comfortable with labeling day 21 as the DCL since the 10 day MA did not turn lower. But there has been a change of character since the day 21 low. So while the dollar’s daily cycle count is not clear, what is clear is that the dollar is in its daily uptrend and will remain so unless it closes below the lower daily cycle band.
Stocks
The rally out of the DCL has caused stocks to become stretched above the 10 day MA and causing stocks to consolidate this week, allowing the 10 day MA to catch up to price.
There are bearish divergences developing on the oscillators which often precede a cycle decline. Therefore we need to be wary of that the daily cycle will form in a left translated manner. A swing high and close below the 10 day would signal the daily cycle decline. However, stocks are currently in a daily uptrend and will remain so unless they close below the lower daily cycle band.
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