Correct - its a "golden cross" (compare to a death cross when its a downside cross over).
The golden cross occurs when a short-term moving average crosses over a major long-term moving average to the upside (50 and 200 are the most common used) and is interpreted by analysts and traders as signaling a definitive upward turn in a market. Basically, the short-term average trends up faster than the long-term average, until they cross.
There are three stages to a golden cross:
A downtrend that eventually ends as selling is depleted
A second stage where the shorter moving average crosses up through the longer moving average
Finally, the continuing uptrend, hopefully leading to higher prices
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