Major correctionUS 100 IndexTVC:NDQRaccusI'm targetting a drop to 11 000 around Aug to Dec next year and back to more reasonable valuations than currently. This would also arrive at the very long term lower trend line on the log chart. The area around 11 000 looks to me like it need retesting. And it would need to be in this sort of time frame, before we run out of time to get back to such levels on this lower log trend line. Ok possible, but far fetched, so it still needs a reason. So why should that happen? A confluence of factors: - I believe inflation will stay elevated for some time and even potentially resurge. Trumps tariffs are not helping with disruptions and inefficiency on supply chains. - I think its unavoidable that AI will destroy jobs. Long term it will balance out, as it always does. But in the interim this will be faster than the labour market can adapt. So a lot of job losses - Due to the inflation backdrop, the fed's hands will be tied, regarding dropping rates. So they wont be able to rescue markets on this occasion with their Ponzi scheme. THAT will be a big problem. Or if that's not the case, the job losses may still be too much anyway, for their fiddling to prevent. My only reservation with this analysis, is that the jobs losses may be a bit slower to start showing up, than the this time frame will allow. If so, then it may not make it as far down as11 000, due to missing the window of opportunity to reach this level before it becomes below the lower log trend line. Although if it gets near, i cant believe it will not target it. If it misses by this date, its still possible to break the trend line to reach this area, if conditions became bad enough. But that would be quite extreme. But maybe it will be so. The final factor is contracting money supply. This could cause the above scenario alone anyway. As ballooning supply is mostly how we got where we are. But certainly if combined with any of the others, it could be nasty. So be very vigilant on this. Note, that the chart posted is a monthly chart. So this is a longer term view. So dont expect this to happen imminently or on a particular day/week/month. But keep an eye out for the signs. Lastly, potential labels for the 3 up waves of an elliot wave. The first and third are similar in terms of % gain. Less do in terms of time duration, but still more similar to each other than compared to the middle wave. Elliot waves are extremely discretional however and vary according to time frame. So much variation in delineation is possible. And it could still continue for some time. Mentioned more as a possible point of interest than a useful tool.