Stocks formed a swing low on Wednesday.
Stocks delivered bullish follow through on Thursday by closing above the converging 10 day MA and 50 day MA to confirm the new daily cycle. Stocks should go on to break above the declining trend line as they rally out of their DCL.
It is quite likely that Monday was not only the DCL but the intermediate cycle low (ICL) as well. And if stocks can quickly break out to new highs then that may trigger a final melt up.