Update

Some bigger wedge is running. With so much choppy price action you can find different patterns, but the idea is the same - the market is topping for three months now.... similar to the last year around this time.

Update

Updated chart of the SPXEW - there were comments that it creates only confusion. No, the opposite - we see more clarity because SP500 is heavily skewed by a few mega tech stocks. On the equaly wighted index you can see clearly the pattern and the cycles - strong a-wave, the long sideways correction b-wave and the weak completition the c-wave.... with all the 20w/40w cycle highs and lows right on schedule.

This one was posted on 6th of December as possible pattern - c-wave

Eight weeks later it looks like this is the pattern. The cycle lines are pointing to the second week of February - if the 4-th wave is a triangle or flat probaby it will take a few weeks and reach the time target, if 4 is completed next week we will see the final move c/5/C.
Worst case it is done... SP500 already completed zig-zag higher.

Update

From the last high this is month 14 so we have the minimum length for 18 month high and this is 4 years after the previous important top. It is done or it could take a few more weeks.... I do not know.

The most simple view - wedge pattern which is an ending pattern, the price broke lower, gap closed, testing the broken trend line and now it is lower.

Or it could take a few more weeks to complete the c-wave with some bigger wedge or what ever it is.

Update

The same like last week waiting for the ED to be completed.

Perfect pattern will be to complete this a-b-c with c as a diagonal and the whole move is one big wedge.

McClellan Summation Index looks the same like at the previous 4y cycle high - double divergence and very weak at the top reaching only the 500 level.

Update

In December I was talking about possible wedge/ED to complete the pattern and now it is pretty obvious. This is an ending pattern it occurs as wave v of 5, it occurs as double top similar to 2022 and 2025, it occurs 4 years after the previous important high, divergences daily/weekly/monthly charts, divergences market breadth.... short said it does not look good - with high probability this is the 4y cycle high. More important I think this is the high for the whole move since 2009.

Clear wedge or a-b-c wedge in a bigger wedge.

It looks like ED for wave v of 5 with double RSI divergence and similar double top like 2022 and 2025 making slightly higher high... NDX has a lower high like in 2022.

For the year expect lower into the summer and retracement after that. Optimistic target is the middle trend line and MA200, pesimistic and bearish is the lower thrend line.