Weekly preview

We have a-b-c higher one month after the previous high so this should be 5w high and correction into 5w low should follow. Then another up leg and 10w high the second half of September.
The big question to expect a higher high or not - I do not know. Lets see first the expected short term move lower.


TRADING
Trading trigger - buy signal.
Analysis - the indices turned lower to complete the 4y cycle. Intermediate term - higher into the second half of September.
P.S. - for a trade both analysis and trigger should point in the same direction.

TECHNICAL PICTURE and ELLIOTT WAVES
Short term - I see a-b-c lower and a-b-c higher - next we should see something lower. With some fantasy it could be impulse lower and to the upside it could be 1-2-3... as I wrote not a big believer in this impulse counts.

Intermediate term - some kind of w-x-y/B or a-b-c/B, at the end only the labels are different. Now turned lower and most likely the C-wave is running.
Alternate this current move up is impulse to complete 5/c/B.

Long term - most likely huge double zig-zag from the 2009 low. If we are lucky this is lower degree b-wave(green) and there is one more high. If not multi year decline has started.

MARKET BREADTH INDICATORS
Market Breadth Indicators - turned higher.
McClellan Oscillator - above zero.
McClellan Summation Index - buy signal.
Weekly Stochastic of the Summation Index - sell signal.
Bullish Percentage - turned higher.
Percent of Stocks above MA50 - turned higher.
Advance-Decline Issues - turned higher.
Fear Indicator VIX - declining sharply.


HURST CYCLES
Short term cycles - looks like 5w high than we should see decline into 5w low. It is longer than the usual 14 days for the 20d cycle and 5 weeks for the 5w cycle so alternate it was a week ago and we have one more 20d cycle to complete the 10w high - this corresponds to the impulse pattern shown on the second chart.

Week 8/2 for the 20w cycle. Visually I expect 18m cycle consisting of three longer 20w cycles(week 2 of the third). On the chart above I will stick to the theory and count four 20w cycles(week 8).
The highs do not have average length too. I think we have 4y cycle high consisting of 2 cycles instead of 3x18m cycles like the previous one 2018-2022 with a high in the middle.