Link to guidance notes for Hurst cycles terminology: FLD, VTL, Translation, Diamonds, Circles/Whiskers etc. Note: peak and trough zones colour coded by cycle magnitude, from 20 day to 18 month.
Long view: a secular downtrend is underway and not expected to end until 2024 when the 7 year cycle bottoms. In strong underlying downtrends, shorter cycles tend to peak early. We will therefore start watching for a peak in the current 18 month cycle upswing keenly.