by Erik McCurdy, Prometheus Market Insight
The advance today has caused both short-term cycle oscillators to experience bullish crossovers and a bullish engulf pattern has formed on the daily chart. A close above 1,206 today would generate a cycle low signal and indicate that the beta low (BL) of the current short-term cycle likely formed on December 8.
The quick move above the last alpha high (AH) during the developing beta phase rally signals the likely transition to a bullish translation and favors additional short-term strength.
