Stocks plunged, dropping 3.29 % on Wednesday.
At 39 days. stocks are in their timing band to print a daily cycle low. The bigger picture is that stocks are on week 35 for their intermediate cycle. Placing stocks very deep in their timing band to print an intermediate cycle low. Stocks probably will need several more days to exhaust the selling. And once stocks do form a daily cycle low, the odds favor that it will also form an intermediate cycle low. And the intermediate cycle low represents one of the best times of the year to go long. And since the current intermediate cycle is right translated that favors the new intermediate cycle continuing the pattern of higher highs.