Opinion: The U.S. stock market is in an extended topping process, according to Elliott Wave theory

By Avi Gilburt

With the U.S. stock market now moving violently between upper support and the target region we have had for this b-wave, it seems as if the market is feeling out a topping process.

For some time, our target region for this b-wave has been narrowed to the 2,867-2,884-point region on the S&P 500 Index SPX with an ideal target of 2,875. And, this past week, we came within 7 points of that target region with a high of 2,860. However, the market has not made it clear that the top to this b-wave has been struck.

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