If the S+P 500 has peaked cyclically then here is what might unfold (part 1)

As the US stock markets continue to try and repair the damage inflicted upon them over the past few weeks, the correction higher continues. We are seeing that right now across all three major index futures and it has been covered here in a few updates so far today. The big question you should all consider though; have the likes of the Dow Jones, S+P 500 and Nasdaq 100 all peaked in the longer-term? Well, it is entirely possible that they have. There is no doubting the amazing run over the past 5 years. That has seen the S+P 500 rise from a low point almost exactly 5 years ago, in March 2020, when the pandemic sent markets into a tailspin. The S+P 500 fell then to 2,191. As you know it has since risen to a record 6,147 earlier this year. Now, if we have seen the peak, then it would not be unusual for a deeper relapse to play out in either a 3 wave, or 5 wave downside sequence. If that is the case and at this stage it is still an IF, then we look for corrective targets for the current rebound to stall. It has already passed on the 5,750 (38.2%) level yesterday and as noted here earlier, the next (50%) lies at 5,825. There too much narrative required in one update, so please read on to the next one