Stocks continued lower on Thursday.
The peak on day 22 indicates a right translated daily cycle formation. Right translated daily cycles form higher highs and higher lows. Now that stocks have lost the 50 day MA and delivered bearish follow through, it looks more and more like stocks are going to form a failed daily cycle, despite having peaked on day 22. A break below 4228.08 will form a failed daily cycle.
In the Weekend Report I plan to discuss this and what this means for the longer term intermediate and yearly cycles.
Cycle Trading 
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