Happy New Year!
Today I am spending time on analysis and corrections that may lead to better forecasting and more accurate placement of our position. Primary Wave [1] consists of a 51-day Wave (A) followed by a 33-day Wave (B), then an 80-day Wave (C). The number of days in Primary Wave [1] was 164.days. Note that Intermediate Wave (C) was the strongest and the longest Wave of the Decline. Primary Wave [2] took 60 days, clearly the longest correction of the series, since Intermediate Wave (B) of Primary Wave [2] took 40 days.
Intermediate Wave (A) of Primary Wave [3] took 58 days. It was followed by a 40-day Intermediate Wave (B). Intermediate Wave (C) may take 52 to 59 days. Should the Cup with Handle formation be accurate, it may be the most powerful declining Wave, about 150% as powerful as Wave (C) of Primary Wave [1].
I am showing all this on a weekly chart to show that, even if the Cup with Handle performs as indicated, the SPX will still be on a secular bull market, since the target is higher than the March 23, 2020 low.
The NDX decline has the same Primary Waves, but began in November 2021. Note that the Intermediate Waves are numbered differently. Although it is due to decline through the uptrend line near 10900.00, most analysts don’t follow trading channel trendlines and therefore would consider NDX on a secular uptrend, since the proposed low would still be higher than the March 23, 2020 low.