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A drop in U.S. stocks may be fast and furious, according to Elliott Wave theory

The U.S. stock market has rallied from the December lows in what is an almost straight line higher. Those types of moves do not often end well.

While we expected the S&P 500 Index SPX, +0.15% to drop to 2,250-2,335 points to complete the a-wave of an a-b-c, larger-degree 4th wave correction, we also expected that the b-wave rally would take us back to at least 2,800 and even potentially higher. From that perspective, the market has been acting almost exactly according to the plans we set even before the S&P 500 broke 2,700.

However, I had initially expected a more drawn-out [b] wave pullback/consolidation before we rallied to 2,800 and higher, yet the market is suggesting it may have other intentions.

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