After peaking on week 7 stocks formed a weekly swing high and began their intermediate cycle decline. Once the weekly decline is complete it will represent one of the best 2 buying opportunities of the year.
This is week 18 for the intermediate equity cycle and stocks have entered their timing band for an intermediate cycle low. So there is the potential that once a new daily cycle begins, it will also signal a new weekly cycle.
Please note that the weekly True Strength Indicator is below the zero line and trending lower while RSI is oversold.
When the weekly RSI crosses back above the the 20 line and is accompanied by a bullish zero line crossover on the weekly TSI, this will confirm a new intermediate cycle.