Loading ...USD Long Term Cycle update
The attached charts provide a longer term view of the USD using my Cycle Forks and Counts. Price found resistance at a very interesting spot today at a confluence of my dueling cycle forks in chart #1.
The Blue Fork shows the price channel out of the May 2014 low. May forms the anchoring handle on this major cycle uptrend fork. The pivots are the March 2015 High and the Aug 2015 IC Low. Although price is in an uptrend, price is struggling to stay inside the fork.
The Green downtrend fork is anchored by the March 2015 High with pivots at the Aug IC Low and current IC High in late Nov 2015. Very interesting where price found resistance today.
Which one of these forks is going to win? Time will tell.
The second chart shows the same weekly USD chart but with weekly Intermediate Cycle counts. The USD, on average, finds an Intermediate Cycle Low between weeks 18-23 (but the weekly IC counts have been trending shorter as of late). Did we start a new Intermediate Cycle 4 weeks ago or are we currently in week 19 of the old IC. The price action against my forks in chart #1 above will provide the answer very soon.
These two charts are fascinating, a bit like a Rubin’s vase picture:
https://en.wikipedia.org/wiki/Rubin_vase
The upper chart looks kind of bearish but the lower chart looks bullish. However, they are the same chart. Therein lies the problem of technical analysis!