From Gold Scents:
It may not seem like much happened yesterday, but a very important event occurred. Yesterday, the dollar index breached 78.65. The reason that is significant is because 78.65 marked the intraday low of the prior daily cycle.
A penetration of that level indicates that the current daily cycle has now topped in a left translated manner and a new pattern of lower lows and lower highs has begun. Any time a daily cycle tops in a left translated manner it almost always indicates that the intermediate cycle has also topped.
In this case, it would indicate that the intermediate dollar cycle topped on week two and should now move generally lower for the next 10-12 weeks, bottoming sometime in late June or early July, about the time…
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