In April 2015 the rally from the late 2011 lows came to a halt. Since then, equities have been trading in a volatile manner with no clear direction.
While the S&P 500 is more or less unchanged, European markets are still far below their April 2015 highs. Are we at the beginning of a major correction or will the bull market continue? On the following pages, we will try to find answers and provide you with a roadmap for the second half of 2016 and beyond.