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I talked recently about what lower price level has to occur before we could conclusively determine that cycle wave b was over. Lets look at that from a slightly different perspective. We'll look at it in terms of breadth, or more precisely, a reversal of breadth.
This chart shown 2 nights ago displays how breadth on the NYSE is lower then it was at the May 2013 high. This is a confirmation that momentum has slowed significantly since the 2009 low. We would expect that to occur near a historic top.
Looking at the NYAD weekly, the tight channel would have to break for us to say cycle wave b is over. Of course I am predicting that is what will happen over the course of the next few weeks/month based on the wave counts. We have a ways to go though.
Yes there was a weaker Zweig Breadth Thrust that triggered on 18 October. And it has sustained the market since. A close beneath the ZBT firing range (1646 SPX - see horizontal line) pivot would also likely confirm cycle wave b over in my estimation. A reversal and close beneath the ZBT in other words.