Update

That was really nasty the bulls full of hope how the new ath is coming.... and they got slaughtered. Everything seems to develop as expected and it should take something like 2 weeks for the pattern to be completed and we will have 40w cycle with average length.

The bigger picture is next year expect decline to the trend line. Intermediate term there is some variations but this will not change the big picture:
- the optimistic outcome - that was the flush there is not much lower to go and this is wave 4(second chart) and then final high early next year. The problem is it does fit very well with the other indices.
- more realistic-optimistic outcome is some b/x wave testing the top again or even squeeze marginal higher high early next year.
- there is of course more pesimistic scenario - the decline continie into early December one more 5w cycle and price drops to the next support level below 7000 followed by some kind of retracement - 0.618 for example.

The pattern does not feel completed and I think we should see some waves 4/5 before the decline is completed.

Trying to find bullish pattern... it could work for SPX but other indices like NDX,INDU,SPXEW,NYSE does not look ready and the probability for overlapping with the supposed wave 1 is very very high. It does feel rigth... it could test the high again or squeeze marginal higher high but it will be rather b/x wave.

More realistic is from the 2022 low we have a double zig-zag higher and next is lower to the trend line... "more exotic" pattern is expanded diagonal.

Update

The b/2 wave was completed this week and c/3 is close to completition too. For completed pattern we should see one more decline and if it occurs the trend lines and 1.618 extension will be reached - this is the logical target.

From cycle perspective 1-2 days decline and retracement makes perfect sense too.
The 20w cycles has so far two cycles with length month and a half exactly between 5w and 10w cycle... maybe it will divide in three shorter cycles instead of 2x10w cycles?

The bigger picture - the action will be next year. I am not sure if we will see higher high or not in January/early February for the next 40w high.
Take a look at the previous high - the current price action is nothing different.