We are still in the primary cycle that started on September 4 in the European indexes and on August 28 in the US indexes. We are now in week 18.
It is possible that the top of the cycle is in. The top of December 31/January 2 is still within the range of three trading days of my December 26 turn date. It is a stronger date than January 26 2014, but that would mean a decline until the beginning of March, as I don’t see the January 26 reversal date to become a bottom. That is a long decline that we have not seen in a long time. Please note that there was a Bradley level 1 turn date on January 1 2014.
Only the German DAX and the US markets are still making higher tops. The CAC made its top on November 7 and the FTSE on May 22 !!!
I prefer the scenario with a higher top around January 26.