Counting the move from the lows at 6425, the new high on the NDX can now be counted as a possible completed impulse wave. However we want to be a little cautious as I am also tracking another, more bullish idea that can support further upside after a pullback towards 7070-7100. The more bearish idea needs to develop a 5 wave looking decline below 7050, that would be the first strong bearish clue we could use, any subsequent bounce in 3 waves would offer a setup to sell. If the next decline fails to breakdown below 7050 or it appears to be a corrective decline in 3 waves, then the odds would shift to the more bullish idea (idea 1) and support a continuation higher.

Depending on which of the ideas is in progress for the NDX, will likely have a strong impact to the SPX and INDU, as I am currently tracking two ideas for both the INDU and SPX that can suggest either a peak is setting up for a large second wave and a big move lower will be seen, or potentially a new all time high will be seen for both the SPX and INDU. I think the key lies with the next decline on the NDX.

If the SPX and INDU fails to confirm the NDX new all time highs, that is a clear bearish non-confirmation, much like we saw at the March 2018 highs.

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