We have been expecting the 40-week cycle trough to form, and it looks as if it has come in right on schedule (a few days early to be exact). The likely 40-week cycle trough formed last week, initially in the European markets, spreading across the oceans to the US markets. I take a look at the S&P 500, the DOW and the DAX. I also consider a bearish possibility in the NASDAQ, and discuss the increased bearishness in the EURUSD. Finally I show a "text book" example of FLD and price interaction in the GBPUSD.