Stocks closed at a new all time high on Thursday.
Quite frankly I was a bit surprised to see stocks close above the pervious all time on the first try. Still, stocks are quite stretched above the 10 day MA. They may require some consolidation to allow the 10 day MA to catch up to price.
The decline into the ICL has stretched the ‘elastic band’ lower. This quick recovery is a very good sign. A bullish break higher could trigger a final melt-up phase.
Cycle Trading 
what do you mean with “final melt-up phase”?