Not necessarily. If transmissibility is high, you could be seeing close to the peak.
The data out of NY that makes me most suspicious of this new model is actually the 72% negative rate on tests. I would expect that to be a lot lower. But that's just a gut feeling.
Half of those 72% may have had it three weeks ago and are a-ok now. Without testing for antibodies, all we can say is they do not _currently actively have an infection._