Weekly preview

The NVDA bubble and the AAPL burst higher to complete c-wave pushed the SPX higher to complete possible impulse.
The rest of the market NYSE/DJ/DAX etc. look completely different... in fact it looks the same like the topping pattern in 2021 September to December - most of the indices flat for 4 months while SPX/NDX were pushing higher. Comparing to 2021 this is the November high, next we should see a few weeks lower and 20w high and then the slide lower begins.
This is a major high the indices are topping since March and SPX/NDX are pushed higher by the NVDA bubble. Or you can keep dreaming that magnificent seven one is a bull market in progress.... btw if you start counting from 2009 there is 5 surges higher each of them lasting 26/26/22/21 months and this one is already 21 months long, but you can keep dreaming that this is not a top.


TRADING
Trading trigger - buy signal.
Analysis - important top 18m high, which could be the price high for the 4y cycle.
P.S. - for a trade both analysis and trigger should point in the same direction.

TECHNICAL PICTURE and ELLIOTT WAVES
Short term - the impulse pattern is completed, now we should see reversal. I am suspicious about this impulses... if we see more to the upside it is another double zig-zag and not an impulse.

Intermediate term - double zig-zag and topping similar to 2021 with RSI/MACD divergences on all time frames daily/weekly/monthly.
NDX double zig-zag nice Fibo levels and alternation a/c wave size between the two zig-zags.

Long term - double zig-zag(from 2020) for y/B at 9y cycle high 2000-2007-2015-2024.

MARKET BREADTH INDICATORS
Market Breadth Indicators - no, change, weak with divergences.
McClellan Oscillator - below zero.
McClellan Summation Index - sell signal with double divergence.
Weekly Stochastic of the Summation Index - sell signal with double divergence.
Bullish Percentage - in the middle of the range.
Percent of Stocks above MA50 - in the middle of the range.
Advance-Decline Issues - in the middle of the range.
Fear Indicator VIX - sligthly higher low.


HURST CYCLES
Short term cycles - way too long for one 10w high and if you look at DJ/NYSE I would say we have 10w high in mid-May.
If the pattern with shorter 20d cycle continue this should be a 20d high a lower next week into 20d low.

At 18m high, the cycles 10w/20w/40w deviate from the usual length... if the indices continue with this rhytm we should see 18m low short before the US elections.