Stocks broke below the June DCL on Tuesday. While a case can be made that day 54 was not a DCL, breaking below the June DCL clearly forms a failed daily cycle.
If we are correct that day 54 was the DCL, then stocks should still have another 2 – 3 weeks before printing a DCL. And any bounce off support from the June DCL should only see the stocks set the declining trend line before completing its daily cycle decline.
I favor the day 54 DCL scenario making Tuesday day 15. However, looking at a longer term chart aligns with the scenario that Wednesday was day 69 of an extended daily cycle.
The weekly chart shows that stocks are approaching support from the converging the August 2020 peak and the rising 200 week MA. If stocks form a daily swing low, a long position can be entered with the stop being Tuesday’s low based on Tuesday being day 69 of a stretched daily cycle.
Cycle Trading 
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