From Gold Scents:
In my last couple of articles, I mentioned that I was waiting for the S&P to form a swing low as the first confirmation that an intermediate degree bottom had formed. That swing [formed] on the open [this] morning.
Typically, the stock market will rally fairly aggressively out of one of these major intermediate bottoms, often gaining 6%-8% in the first 15-20 days. At that point, the market will dip down into a half-cycle low that will establish the trend line for this particular daily cycle.
Since the dollar is now on the 21st day of its daily cycle, it is now overdue for a move down into a short-term low. This should drive the first half of that 6%-8% move, followed by a very short corrective move as the dollar bounces and then rolls over quickly into a another leg down.
That cycle would be due to bottom around...
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