I've looked at these many times in the past but we have another example today that may be worth taking note of.

The Russell 2000 just broke higher out of the recent volatility coil. Admittedly the coil was a bit sloppy which may call into question the validity of the signal. But as I've noted in the past, most of the time the initial move out of one of these coils tends to be a false move followed by a more powerful and more durable move in the opposite direction.russell-coil

Considering that we are now very late in the daily cycle (among other things) this might be worth watching for a potential reversal as the market moves down into the now due cycle low.