Medium term paths are notoriously difficult to project but based on intuition, something like that is increasing in probability. And given that the decline from the wedge is fast and deep, this will fit with the confluence of the 2 yr and 17 yr cycle next year basically implying the next larger decline in this multiyear topping phase. This will also be a compromise between bulls and bears
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The bear case is that these overlapping structures from the late July high are just forming a leading diagonal lower as wave A of a larger decline. Meaning the B wave high has already been made and the multi-year decline has started. So whether it is the bull or the bear case I think will be decided post Oct OPEX
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This looks like forming with a bit of undershoot In late Oct