When markets go up the expert analysts turn bullish, and when the markets are heading down then they turn bearish. No matter what the direction they will find you a reason explaining why. The Nasdaq contains the biggest elephants in the room which suggests very large companies. I think elephants are pretty small compared to some of these “FANG” stocks which are more the size of the biggest T-Rex! In January of 2018, all the indices recorded world record highs, never matched in financial history. This bull market top calls for a correction that nobody expects, with some analyst getting suspicious as to the staying power of this bull market.
The Nasdaq bearish phase has only started more than a month ago, so in order to help confirm a major bear market is coming, all major markets have to crash to new record lows again. Price is only important to the majority, but from an EWP perspective pattern is far more important. Yes, I use price projections as well, but you will see no prices posted in my charts.
Another little pop is still possible, but the declining pattern will be important to see that it contains no corrective moves. A grinding summer bearish phase would suit me fine, but only time will prove that true.