Based on the Nasdaq index star line, has the US stock market topped out?

First, the conclusion:
Short-term signals indicate a top, but the long-term trend has not yet confirmed a definitive peak.
See Chart 1
At the April 2020 time anchor point, if we look at it on an expanded cycle, this kind of turning point indeed resembles the rhythm of "super funds," not something retail investors can participate in. Being able to control this for so many years already shows that the underlying force behind this asset is definitely institutional dominance.
Now look at Chart 2
The turning point on April 7, 2025, with the resonance K-line is not coincidental. This kind of time + price synchronization structure is usually a stage transition point. When the 8th line has arrived but the 9th line hasn't—missing it by a little is often the most torturous. But the market is never about "missing it by a little and having to make it up."
Long-term expectations are 25866 and 28431.
Will it go there? Logically, there are only two paths:
1: Continuation of the strong trend, consolidating sideways before pushing higher
2: An early reversal, with the next few years spent oscillating or experiencing deep retracements slowly grinding down
If it takes a few years to reach, with major fluctuations in between, then essentially it’s time exchanged for space. The top is not formed by a single K-line but by a range.
Returning to the current 4H structure.
The zones at 23963 and 24238, the 8th line has arrived, but the 9th line hasn't. Short-term momentum is clearly waning, and I lean towards the idea that a top may be reached here, so it might be better to exit now.
Chart 3
Long-term targets don’t need to be obsessively fixed.
If there is truly a "divine power," it’s more likely to be an early reversal rather than precisely filling in all the numbers.
Chart 4
Short-term indicates a top, but the long-term is not dead.
A major top will definitely be confirmed by a decline, not just calculated or anticipated.