Stocks delivered bullish follow through on Wednesday.
Stocks had a second consecutive 90% up volume day on Wednesday. Stocks also closed above the lower daily cycle band and regained the 10 day MA. This convinces me that day 26 hosted an early daily cycle low.
Oil also delivered bullish follow through on Wednesday.
After peaking on day 46, oil printed its lowest point on day 52. Since 52 days is late in the daily cycle timing band, it looked in real time that a daily cycle low had formed.
Oil broke below the day 52 low on Monday, when it closed below the 50 day MA. That should have signaled a failed daily cycle. But oil has regained the 50 MA and has rallied since.
Since a cycle cannot fail then go on to print a new daily cycle high, a break above 50.54 would signal that 6/27 was the extended daily cycle low.