Update

This is how the futures look like(CFD SP500 4h chart).... from the lows in February I do not know how to twist the pattern as bullish... diagonal?
We have the move up this week but this move from the March low does not look bullish either. It looks like corrective a-b-c and MACD retracing to the trend line. I think the indexes will turn lower and the two options are wave C of IV to finish the correction or higher low around 2600 for another a-b-c - wave 2 of V?

The indexes show a lot of differences. If you try to synchronize the pattern for all indexes the choices I see are - wave C/IV zig-zag for all indexes(NDX flat which is zig-zag too) or the correction is over and this is wave 2 of V and NDX is the strongest index and the others are just weaker. Yes, for some indexes impulse higher is questionable, but it will not be the first time to see such "ugly" impulse.

Weekly preview

Short term view - a move higher next week, it is important how it will look like.
Intermediate term view - the correction is not over. I think wave B is running, probably triangle or flat.

Lower as expected, but first we saw one more high and the move could be counted as an impulse. This activated two possible scenarios - the correction is over this is wave 1 and 2 is currently running(I do not believe it) or wave B is finished as expanded flat and wave C lower is running. I still think we should see a pattern which lasts longer and most traders do not expect. I think the indexes finished wave b of B, but I can not show anything to confirm it. I can only wait for the market to confirm or negate this pattern.


TECHNICAL PICTURE and ELLIOTT WAVES
Short term - the mainstream view is B(red labels) is over and test of the low here we come.... confirmed with impulse lower.
I have the suspicion we saw the low for wave b of B(white labels). Look at RSI - I think this final high is part of another wave and we have two different a-b-c. MACD trend line is not decisively broken so it is possible that we have only correction for the move which begun on 09.02. or b of B. The index which have the pattern I was expecting is XBI - a-b-c higher, a-b-c correction and sharp reversal higher... and the other indexes made a fake high?

Enough theory - if we see only corrective move up to test MA50/MA200 and the indexes turn lower it is time for shorts(the red scenario) if we see an impulse higher this will confirm my theory. That is why next week is important it should clarify the pattern... at least for the next few weeks.

Intermediate term - waiting to see what happens next week. It should confirm or negate the pattern which I expect.

Long term - correction wave 4 is running, the histogram continue heading lower no signs of a slow down. One more rally before the bull market is over.

MARKET BREADTH INDICATORS
Market Breadth Indicators - turned lower which is normal after a few days selling. I do not have the impression that we will see a plunge, in fact the McClellan indicators look good.
McClellan Oscillator - around zero.
McClellan Summation Index - neutral.
Weekly Stochastic of the Summation Index - trying to turn up.
Bullish Percentage - turned lower in the middle of the range.
Percent of Stocks above MA50 - turned lower, close to oversold level.
Fear Indicator VIX - hit 15 and jumped higher. This are the new(old) normal levels.
Advance-Decline Issues - in the middle of the range.


HURST CYCLES
Day 14 of the 40 day cycle.

Week 12+3 we will know which cycle count is running and where the 20 week low is, when we see the pattern for the correction.