Elliott Wave Signals S&P 500 Pullback, Eyes on CPI Data

By Barry Stearns

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5/8, 15:28 EDT

The Elliott wave theory indicates that the S&P 500 may be due for a pullback, entering the 5th and final wave of the current bull trend. Technical analysis suggests a potential decline back to 4950, with a more significant drop to around 4600.
Market analysts are eyeing next week's inflation data as a possible catalyst for the selloff, with consensus forecasts expecting monthly CPI to remain steady at 0.4%, in line with March's figures.