In this update I explain why US stocks are trading at valuation extremes and why this does not mean an immediate crash, but does mean investors should be ready for a proper pullback later this year. I go through the bigger Elliott wave picture on SPX, showing why the trend is still up for now, but also why we may be moving into the late phase of this bull run with a possible final push higher before a larger correction.
Then I focus on the key technical stories in several US stocks. On Adobe I explain why the structure still points to more downside in the near term. On ASML I show why the broken corrective channel and five waves from the lows support a bullish continuation as long as key levels hold. On Alibaba I highlight the importance of the 147–150 support zone and why the area near 200 could become a major decision point. I also cover why Bank of America and JP Morgan are starting to show warning signs after topping-type patterns, and why Coca Cola still looks like it’s correcting sideways before one more potential push higher.
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Grega
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