$QQQM a troubling pattern forming in the weekly chart

QQQM has generated large profits since December 2022 with the market clearly being in an uptrend. It is normal and expected that strong uptrends will follow with periods of sell-off where investors start closing their long positions to gather their profits.
However, when analysing the market at the higher timeframes it becomes apparent that as price moves into higher-highs, the momentum waves measured through Elliott's wave theory become smaller.
Could this type of divergence indicate a weakening of the previously established bullish trend or is it simply summer sales with a premise of larger gains after this sell-off is over?
Taking into account the situation in Ukraine and the Middle East is reaching near a culminating point, I am moving cautiously ahead, expecting a serious season of consolidation before any strong move in the upwards or downwards direction.
PS: I'm not a financial advisor, simply expressing my thoughts in an open format in hopes that others might have additional insights to include or criticise so that we may all be able to make better informed decisions by sharing our experiences.