Per Investors.com (IBD), the general markets are still in a correction. Friday marked the longest correction since 2008, and recent breakouts haven’t done much to turn the tide.
Elliot Wave continues to show uptrends for the intermediate and long term, with an expectation of a short-term rally in the very near future.
As always, let market action tell you what to do!
REVIEW
Another week in which a new all time high was sold off. For the week the SPX/DOW were -0.3%, the NDX/NAZ were +0.7%, and the DJ World index was +0.2%. Economic reports came in about 2 to 1 to the positive. On the uptick: retail sales, business inventories, the PPI/CPI, the NY FED, housing starts, building permits, the WLEI, the monetary base, plus, weekly jobless claims improved and the treasury ran a surplus. On the downtick: export/import prices, industrial production, the Philly FED, the NAHB index, and consumer sentiment. Next week few economic reports, but we do have the FOMC minutes plus existing/new home sales. Best to your week!
LONG TERM: bull market
This Cycle wave [1] bull market continues to unfold as the general averages made all time new highs this week. We continue to expect this Cycle wave to unfold with five Primary waves from the March 2009 SPX 667 low…
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