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

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March 5, 2017

 

 

   

 

  

 

Mid-Cap Madcap

For those who follow mid-caps or trade the MDY ETF, life has been good. The mid cap index is up nearly 4% since the beginning of the year. We expect that it should continue that trend, but anticipate a setback to develop soon before resuming the uptrend.

 

 

As the Elliott wave pattern for the S&P Mid-Cap Index (MID) suggests, MID is completing a fifth wave within its wave (3) rally that began last June. We're looking for price to come within testing 1800 before reversing lower to complete a wave (4) correction. The correction should likely play out over a period of weeks before reversing higher to complete wave (5), the fifth and final wave of the run from the January 2016 low.

 

The uptrend should remain intact as long as the correction doesn't break support at 1581.

 

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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