Despite notable upside persistence in recent weeks, we continue to expect the indices to record a midterm
high in the near future. This high will give way to a large C wave decline that will head back to
July’s lows. This decline will leave us with a larger mid-term pullback off April’s highs as shown above.
While no other index has yet to follow, the NDX has moved a bit above April’s highs. This makes it
clear that a high needs to occur sooner rather than later to keep the mid-term forecast for a larger midterm
decline on track.
If a high is not found and instead price keeps heading north, we would have to conclude that the
indices have foregone a larger mid-term pullback and instead have already resumed the long-term
uptrend.
high in the near future. This high will give way to a large C wave decline that will head back to
July’s lows. This decline will leave us with a larger mid-term pullback off April’s highs as shown above.
While no other index has yet to follow, the NDX has moved a bit above April’s highs. This makes it
clear that a high needs to occur sooner rather than later to keep the mid-term forecast for a larger midterm
decline on track.
If a high is not found and instead price keeps heading north, we would have to conclude that the
indices have foregone a larger mid-term pullback and instead have already resumed the long-term
uptrend.