The daily cycle count is still unclear. If Wednesday marked the daily cycle low, then either count does not result in a failed daily cycle.
A failed daily cycle is required to complete the intermediate cycle decline. Regardless of the cycle count, a break above the declining trend line will signal a new daily cycle. The new cycle should peak on or before day 8 and then continue down into an intermediate cycle low.
The daily equity cycle peaked on 9/19 which was day 30. Stocks proceeded to decline through Wednesday, day 48, when stocks printed a bullish reversal.
Stocks printed a swing low on Thursday and then delivered a clear and convincing follow through day on Friday to confirm a new daily cycle. Between 9/19 and 10/16 stocks printed an incredible $4019 million in Buying on Weakness which is one of the reasons that lead me to believe that stocks not only left behind a daily cycle low, but an intermediate cycle low as well. Other reasons why I think that an intermediate low was left behind is discussed in the Weekend Report.
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