Market Briefs & Sentiment Outlook (MBSO)
Reported by Tony Carrion

http://www.market-harmonics.com

 

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April 8, 2017

 

 

   

 

  

 

Speed Bump for US Stocks, Then Higher

The Elliott wave pattern for the Wilshire 5000 Index, the broadest measure of US stocks, suggests the bull market remains intact, but that more of the pullback that began in March may unfold before stocks resume their uptrend.

 

 

The price action suggests the market is correcting in what we a call a fourth wave in Elliott parlance. A decline of 3% or so from current levels can't be ruled out. Thereafter, we'll be looking for stocks to resume their advance to complete the final leg in wave 3. 

 

If our view is correct, the bull market should extend deeper into 2017, with another correction in wave 4, to be followed by the final advance in wave 5. At that point, the prospects for a bear market unfolding will increase.

 

You can follow the intraday and daily Elliott Wave analysis of US, European and Asia/Pacific stocks with a risk-free subscription to the Stock ProServices offered by Elliott Wave International.  Click for more information.

 


For intraday and daily Elliott Wave forecasts of US, European and Asian stock markets, we highly recommend the ProServices offered by Elliott Wave International where I am an analyst.

 

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