Nasdaq and S&P500 pullback in progress

There was a bearish wolfe wave setup that triggered on July 19, 2023 . The projected target is calculated by extending a linear line between pivot 1 and 4 and projecting the line. This is represented as the red perforated line, as shown in the chart. The projected target is approx is $11000; however this is a very low probability so major daily moving averages should be used as targets in particular the 200 day ma @13000. Month of August and September are seasonal bearish so we believe most of the gaps under the current underlying prices should get filled with short term rip your face rallies. Projected targets are defined by identifying the apex of the wolfe wave and projecting a vertical line toward the green perforated projection tgt which is extending from left to right. Using the customizable gap finder indicator there is one specific gap in the S&P4500 @ 4300 so watch for this level to get filled in the next two months especially after a sharp rally.