The Periodical: 22nd July 2022
Stock Markets and Cryptocurrency make 20 week nominal lows, Dollar Index looks to peak, Gold looks to trough, Oil chops bearishly and EURUSD turns up way before any 'surprise' monetary meddling
Chart Highlight: Dollar Index
![](https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F167bb554-65c3-477a-beee-0af5b02ebe2a_4497x4475.jpeg)
Round Up
All eyes have been on the stock and cryptocurrency markets as traders speculate whether a large low has occurred. From a cyclical perspective it is highly likely a 40 day nominal low occurred in both markets around the 13th-15th of July and that low is phased longer term as at least a 20 week component trough. In crypto in particular we are not convinced a larger trough (18 month nominal) has occurred at this point, we would like to see some kind of interaction with the 54 month FLD, shown below in Bitcoin, in orange. At that point there should be longer term support and a multi month rally. In both scenarios the next 20 week (running circa 16.1 weeks sample average here) trough …