This is a terrible sign for the U.S. dollar

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.

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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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