The S&P500 dipped to that 7700 level. This does not bode well for the continued bullish count toward a market peak if there is another leg down. As was stated last week, there are enough waves in place to consider the wave count complete.
The AI bubble narrative to starting to crack as it should. However, this is still a valid wave count. Again, the market has reached a point where it “has to rally”. Especially if they want an Anthropic IPO in about 3 weeks.
The best count might be the ending diagonal. We’ll know quickly if this is the case.
The NASDAQ could be an ending diagonal wedge.
