The dollar printed a 20 day right translated daily cycle low in early June. The expectation of printing a higher high following a right translated cycle did not happen. Instead, the new daily cycle peaked on day 8, formed a swing high , broke below the early June low and formed a failed daily cycle.
The dollar continued lower printing a daily cycle low on Tuesday. A swing low formed on Wednesday and Thursday saw the dollar break above the declining cycle trend line to confirm a new daily cycle. The failed daily cycle, normally, signals an intermediate cycle decline.
Stocks
Stocks printed a new daily cycle high on day 15.
As we will see when we look at the weekly charts, stocks are at week 21 of the intermediate equity cycle. A failed daily cycle is needed to signal an intermediate cycle decline. Left translated, failed daily cycles tend to peak by day 20. Failure to form a swing high and begin the daily cycle decline next week will lock in a right translated nature to the current daily cycle. If that happens then we will expect another daily cycle to conclude this weekly cycle.