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.
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