Weekly preview

Still waiting for confirmation of a completed pattern. DJ/NYSE/SPXEW are declining for two weeks and it looks like reversal, but NDX helps the SPX to stay around the highs.
Short term we still could see wave b/2 for DJ/NYSE/SPXEW and wave 5/c of a diagonal for SPX.
Intermediate term the indices are at a high which will result in several months correction - shown below on the DJ chart, SPX is the same I just have DJ chart with anotations.


TRADING
Trading trigger - neutral signal.
Analysis - long term important top it could be 4y cycle high. Intermediate term at 40w cycle high.
P.S. - for a trade both analysis and trigger should point in the same direction.

TECHNICAL PICTURE and ELLIOTT WAVES
Short term - completed w-x-y and b/2 now, or a-b-c and waiting for 5/c.

Intermediate term - regular tops for 40w high followed by roughly 3 months correction and 40w low. The size of the correction will show if we have completed w-x-y from 2022 or something else.

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

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


HURST CYCLES
Short term cycles - 5w/20w/40w high or not waiting for confirmation. The lows - either short 20w cycle or longer 10w cycle... the the 5w cycle looks longer too... not very clear picture.

Week 36+1 for the 40w high - in the upper range of the time band which is average 32-36 weeks.