I believe you pretty much got it. But don't leave the Daily out. The Daily may tell us how deep this correction is going to be. I thought by now that we would get a Daily Phase II and then back down. So since that hasn't happened yet, I expect this is going to be a long Daily cycle. The record for the Daily cycle Phase I is 26 trading days that was Sept 23rd, 2008 to October 28, 2008. That was during a bear market and if you look at the weekly during that time. It was nasty.
JMHO, Lindy
"Buy low, Sell high, stay with your system. If your system breaks fix it."