FYI: Avi Gilburt reads the message from Elliott Wave theory:
With the market providing strong extensions over the last several months, we had to review our shorter-term targets for the bull market which began in 2009. While our much longer-term targets remain the same, the question the market has to answer is how many more highs may be seen before we see the larger=degree wave (4) pullback we have been expecting since last year.
During this past week, almost every bounce we saw was corrective in nature, which mainly kept me viewing the market as being in a weak posture, signaling that we will likely test the 2796 level on the S&P 500 SPX, -2.12% And, until I see a solid impulsive 1-2, i-ii bullish structure, I will continue to view the market in the same manner.
Regards,
Ted
https://www.marketwatch.com/story/heres-what-these-technical-charts-tell-us-about-the-stock-market-after-last-weeks-skid-2018-02-04/print
