The video in this report is only accessible to members
The video in this report is only accessible to members

Some minor stalling out has begun to happen in US indices, though short-term trends remain bullish, and it looks early to claim that even a short-term trading top is in place.  Wave structure can allow for another push higher above last week’s highs in $SPX, $QQQ which likely takes SPX to near 4200 while $QQQ might reach 325 on gains.  Overall, August is thought to show weakness in the early part of August which might last into Expiration before a big push higher into mid-September.  After all, following a 12% gain in six weeks, some consolidation looks necessary, and particularly in $SOX, & $IWM with prices up against meaningful downtrends.   At present, the short-term Elliott count suggests upside should be limited to 4200, but near-term trends remain bullish and a push back higher to complete “Wave 5” (shown below) likely happens sometime Tuesday-Thursday before a peak.  Subsequent weakness is not thought to be too severe, but potentially reach 3850-75 before a push back to 4200 and above to near 4400 into mid-September.  Those who are counting on a retest in the near-term likely are disappointed.

The video in this report is only accessible to members
Mid-term year tendencies show August to be worse than non-mid-term.  Yet September looks like ...

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