Dollar Validates June 5-9 Cycle Low
06/17/17 Weekly Re-Lay:
“The Dollar Index is turning neutral after spiking to new intra-year lows during the 23rd week of this decline – fulfilling a significant wave relationship objective. That low produced the 3rd of 3 successive declines – since March 2015 – each with almost identical duration (22–23 weeks).
Along with the monthly trend pattern – that projected a low in early-June – this wave structure could spur an overall rebound into early-Sept. 2017, the next phase of a 35–36 week/~8-month low-low-high-(high) Cycle Progression (that followed a similar, 36-week rally). It would also represent a 50% rebound in time.
The first sign of a multi-week low would be a daily close above 97.22/DXU. However, if it rallies above that level after Monday, the Dollar would also turn its daily 21 MAC up.
The Euro retested & held its recent high, reinforcing the monthly trend pattern, weekly LHR indicator & related cycles & wave targets that projected a peak by June 9th.
It turned its intra-month trend down but needs a daily close below 1.1225/ECU to turn the daily trend down & give a convincing sign of a multi-week top. A drop below 1.1229/ECU – after Monday – would also turn its daily 21 MAC down.
The Yen is showing some signs of weakness – peaking mid-month & then generating an outside-week/2 Close Reversal lower. That could signal the end of this (~5-week) rally and the onset of at least a 1–2 week decline. A daily close below .8993/JYU would confirm this scenario…
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Dollar steadily confirming early-June cycle low (and potential for advance into Sept. 2017) as Euro validating corresponding cycle high. Cryptocurrency enters VERY vulnerable period after June 5–11th cycle peak. Bitcoin & Ethereum fulfilled upside price targets with unexpected precision & prepare for sharp drop into late-June/early-July. July/August 2017 holds intriguing cycle application to Bitcoin.
See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.