That there NASDAQ McClellan Summation Index has been confirming NASDAQ's march higher every step of the way since mid-November 2012 bottom. Likewise by this measure we yet have to see any increasing weakness registering at higher NASDAQ lows over the interim. How's that for an Elliott "c" wave's typical "dynamic"? There it surely is.
We need to see the shine come off this measure before raising the likelihood of the market's imminent collapse. NASDAQ's McClellan Oscillator might need close out the remainder of August pinned to the negative for its Summation Index to present its first sign of weakness since November 2012.
Taking into account all of NASDAQ's McClellan measures, we might then side with the following Elliott wave count applied to NASDAQ's Composite index...
In other words, the remainder of August likely will deliver technical weakness we need to see in the lead up to the market's collapse.
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