We are still waiting on clarity for the daily oil cycle.
A break above 50.54 indicates that BREXIT extended the daily cycle low out to 6/27. A break below 45.83 indicates that oil’s daily cycle has failed, which would confirm the intermediate cycle decline.
Stocks clearly rebounded from Tuesday.
Wednesday was day 6 for the daily equity cycle and stocks successfully back tested the 10 day MA. A close above the upper daily cycle band would re-establish the daily uptrend.