July 4, 2023

Eye of the Storm Podcast – Big Picture Technical Update – S&P 500 & NASDAQ 100 – 07/04/2023

The big picture technical update hasn’t really changed in that the markets are continuing to trace out Primary degree “B” wave countertrend rallies.  Within the “rallies” both the ES and NQ have traced out the majority of the moves – and currently sit within the Intermediate “C” waves up – and within wave “C” Minor 5th waves up and within Minor 5th waves up likely minute 5th waves up.  What is left unknown at this juncture are the any extensions that may take place within the 5th waves.  I also update the Fibonacci retracements and extensions for both the ES and the NQ which continue to include the potential for new highs above what continues to stand at the ATH’s.  I build the Fibonacci resistance clusters and show within each market where that resistance cluster may prove to be strong enough to complete the larger Primary B waves and turn the markets lower in the start of Primary C wave declines.