At 25 weeks, stocks are in their timing band for an ICL. Stocks formed a weekly swing high, broke below the weekly trend line and closed below the 10 week MA to signal the intermediate cycle decline.

Stocks should turn the 10 week MA lower in order to complete their intermediate cycle decline. Oftentimes an intermediate cycle decline retraces to the 38 fib level, which coincides with a previous consolidation zone. Stocks are currently in a weekly uptrend. They will remain in their weekly uptrend unless they close below the lower weekly cycle band.