Weekly preview

Now we have the expected pattern and cycles look on time so if the indices continue to follow the forecast we should see move lower in the next two weeks. I think at least the low should be tested with deep retracement. Interesting is so far the indices follow the same path like in 2007, lets see if the low will be tested like in 2007


TECHNICAL PICTURE and ELLIOTT WAVES
Short term - the pattern is nearing completition and something lower should start next week.

Intermediate term - I am expecting the low to be tested and higher into July/August.

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

MARKET BREADTH INDICATORS
Market Breadth Indicators - turned higher and maybe divergences later if the low is being tested.
McClellan Oscillator - very overbought level.
McClellan Summation Index - buy signal.
Weekly Stochastic of the Summation Index - buy signal.
Bullish Percentage - turned higher.
Percent of Stocks above MA50 - turned higher.
Advance-Decline Issues - turned higher.
Fear Indicator VIX - retracing lower.


HURST CYCLES
Short term cycles - at least 20d/5w high which could be 20w high too and next is decline into 5w low.

The indices are in the time band for 40w cycle low (maybe it was in April), next is move higher into 40w high.

Quick update

It is Easter this weekend so just a quick update... in fact nothing much to update. Short term the move higher continues as expected. Intermediate term I expect one more push lower to complete the decline.

Short term pattern - this week looks like the expected corrective price action in the middle of this move higher.

Short term cycles from 20d to 20w cycle highs and lows. It looks perfect now waiting to see if it will play out.