When stocks formed a swing low on Monday it looked, in real time, that the undercut-extended daily cycle low scenario was valid. Then stocks were rejected by the breakdown level on Wednesday then delivered bearish follow through on Thursday and Friday. Therefore we will label day 54 as the DCL, making Friday day 13 of a failed daily cycle. And losing the breakdown level signals that stocks have entered a bloodbath phase. A break below the previous DCL of 3636.87 will form a failed daily cycle to signal the intermediate cycle decline.  

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