The Wilshire 5000 topped out first weeks ago. Followed by the DJIA. Then the S&P 500 and Nasdaq Composite (and Nasdaq 100) topped on the same day later in this month. Its unusual that the Wilshire 5000 and its close cousin the S&P 500 have such a wide time range (over 2 weeks) of topping. This supports the idea that a major turn is in order.
The NYSE and DJIA probably have the overall clearest wave counts since the 2020 low. Note the alternate counts on both. Prices today broke beneath the lower channel line. The NYSE is in log scale, the DJIA is arithmetic scale.
Best guess squiggle count giving the market the benefit of the doubt to recover next week in a small wave (ii). The squiggle count below shows a slightly truncated top because it counts as 5 waves from (iv) to (v).
And note the total market has landed at near term support. It’ll take a decisive break of this to further the bearish cause.
