Stocks closed below the 50 day MA on Monday. If stocks deliver any bearish follow through that would indicate a continuation of the daily cycle decline. A break below 3694.12 would form a failed daily cycle. There are 3 things that I am looking for to signal that the correction is over.
Second- Stocks need to deliver bullish follow through and break above the declining trend line. Breaking above the declining trend line will indicate that day 23 was the DCL.
Third --Stocks need to form a weekly swing low. Week 23 placed stocks in their timing band for an intermediate cycle low. A break above 3914.50 will form a weekly swing low. Stocks are in a strong weekly uptrend. If a weekly swing low forms then stocks will remain in their weekly uptrend and trigger a weekly cycle band buy signal.
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