Gold formed a swing low today.
Gold found support on Tuesday and Wednesday at the 50 day MA. Today gold formed a swing low that is quite likely the daily cycle low. A break above the previous daily cycle high of 1346.80 confirms today as day 2 of a new daily cycle.
The Miners also formed a swing low today.
Unlike gold, the Miners did not break the daily cycle trend line before forming this swing low. Also keep in mind the unfilled gap at the 25.50 level. The Miners do have a tendency of backtesting a bottom combine this with the SOS printed today makes me think that we will see a back test of this swing low.
The daily equity cycle correction confirmed today.
Thursday was day 24 for the daily equity cycle. The trend line break confirms the daily cycle decline. Since the day 15 stands as the daily cycle peak, that keeps alive the possibility that this decline will result in a left translated, failed daily cycle.
Which means that stocks are certainly not out of the woods yet.