Something happened on Friday that I didn’t expect. And it has the potential to signal a major turning point.
On Friday the dollar continued to drop. Why is this important you ask? It’s important because it probably confirms that the daily cycle low has now begun and we are not going to get one more push up in the dollar index like I was expecting. We needed that next push up to clearly form a right translated cycle. As of Friday the dollar cycle has topped on day 10. That isn’t blatantly left translated, but it’s certainly not right translated. Let’s put it this way, it has the potential to become a left translated cycle. And I needed to see a clear right translated daily cycle out of an intermediate bottom to confirm the strength of the rally. We are not getting it.
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