February 24, 2024

Eye of the Storm Podcast – Big Picture Technical Update – S&P 500 2/24/2024 by Michael Filighera

Today I review the Big Picture for the S&P 500 – focus is on the futures market — My larger count remains the same in that the ES remains within the final Minor 5th wave up to complete Intermediate wave C and in turn Primary wave B. Within Minor wave 5, I am counting an expanding diagonal triangle of minute degree — with the triangle I have counted minute waves 1-4, which puts the ES in minute wave 5. Minute 5 will ultimately form a 5-3-5 zigzag pattern. I’m looking for an additional smaller rally again to new highs to complete wave A of 5, which should be followed by a B wave and then a C wave rally to finish the moves. I also update and include Fibonacci extensions for the balance of wave 5 plus Fibonacci retracements for the internal moves.