Weekly preview

The leg up from the April low is completing - next is decline into 20w low.
Pattern looks close to be completed impulse or double zig-zag, market breadth turned lower, cycles close to 40w high, even if you count from the latest top in mid-February there is 4 months or 20w high - so next is decline into 20w low.

Long term - if this is 40w high we should see long b-wave until October for 40w low to digest the sharp rise and one more leg up to complete the pattern all the way back to 2009. Alternate it develops faster and it takes less time one 20w cycle high instead of 40w cycle for major top. The bearish scenario (I do not give it high probability) - we have impulse from the April low and this is either the fifth wave to complete impulse from the 2022 bottom or c-wave to complete Y-wave as a flat.


TECHNICAL PICTURE and ELLIOTT WAVES
Short term - a mess for more than a month. The usual double zig-zag or impulse with very long sideways 4th wave?
Judging by the last few years it should be zig-zag.

Intermediate term - next should be b-wave. In red the alternate bearish scenarios wave 5 or flat c/Y.

Long term - wedge(from 2020) for c/B at 9y cycle high 2000-2007-2015-2025.

MARKET BREADTH INDICATORS
Market Breadth Indicators - topping with divergences.
McClellan Oscillator - around zero.
McClellan Summation Index - sell signal.
Weekly Stochastic of the Summation Index - sell signal.
Bullish Percentage - turned lower with divergence.
Percent of Stocks above MA50 - topping with divergence.
Advance-Decline Issues - in the middle of the range with divergence.
Fear Indicator VIX - bottoming with divergence.


HURST CYCLES
Short term cycles - next week we should see 20d high and very likely 20w high.

Long term cycles - possible 40w high next week.