Update (8-15-2017)

ndx 8-15-17

It is looking like the rally that I anticipated in my July 8 post has completed on the NDX. The market has been going sideways for about three weeks now. Although it is possible that the rally from the July 5 low could evolve into a five wave pattern (with the current sideways period being subwave-2), I find that unlikely given that the overarching five-wave sequence from the June 2016 Brexit low had a very long third wave, and a short fifth-wave would be expected to follow.

Also, the U.S. stock market is due for a major top in the Nov-Dec timeframe based on the Ascending Middle Section that I have been tracking since 2014. Between now and then, to fit the Elliott Wave pattern from the Feb 2016 lows we need a drop of 5-10% to match the Apr-June 2016 decline, followed by a final rally to new highs. To meet the timeline, the correction needs to get going in a meaningful way soon.