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Chart Watch: A near-term correction looms

Globe editors have posted this research report with permission of Phases & Cycles Inc. This should not be construed as an endorsement of the report's recommendations. For more on The Globe's disclaimers please read here. The following is excerpted from the report:

After a very strong performance in 2016, the bull market enters the New Year on a confident note. While there are signs that a pullback is underway, this is offset by the repeated ability of the bull market to absorb the punches and resume its advance.

The result may be a modest correction in the early part of 2017 before the bulls push the markets to new highs.

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About the Author
President of Phases & Cycles Inc.

Ron Meisels, President, Phases & Cycles Inc., has been active as an Analyst since 1971. He was Vice President and Director of Technical Research of Nesbitt Thomson (now BMO Nesbitt Burns) from 1982 to 1990. He was ranked among the top three technical analysts by Canadian Institutions for six consecutive years (Brendan Wood Survey). More

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