Wednesday was day 14 for the daily equity cycle. Stocks continue to close above the upper daily cycle band indicating that they are in a daily uptrend. They will remain in a daily uptrend until they close below the lower daily cycle band.
Typically in a daily uptrend the lows form above the lower daily cycle band. But stocks have been so bullish that not only are the peaks above the upper daily cycle band, but the lows have also been above the upper daily cycle band. I do not think that we will see a close below the upper daily cycle band until stocks begin their decline into their daily cycle low.
Meanwhile gold continues its triangle consolidation.
The daily gold cycle peaked on day 18 and the printed its lowest point on day 19. We would like to see a break below the lower stem to confirm the daily cycle decline. A clear & convincing break above the upper stem would have us consider day 19 as the daily cycle low.