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


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July 16, 2018






NASDAQ - Bull Market Top In Place?- Follow-Up

The break above 7806.60 on July 12 negated the idea the NASDAQ had topped as we had earlier considered. That said, the idea that it is in the final leg of a major advance is still very much in play. 



The sharp decline from the 7806.70 high was the "c-wave" of what's described in Elliott Wave analysis as an expanded flat. These are not uncommon in fourth wave patterns. The five wave advance from the June 28 low doesn't look complete, so the Naz can certainly trade higher. The May MBSO cited the 8,000 level as the upper end of our target range, which for now is attainable. 


The bottom line is that this final fifth wave advance would also be ending fifth wave patterns at numerous degrees of trend. It is therefore a warning that a more sizeable decline could erupt when the final high is printed. 


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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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