This week’s Big Picture Update picks up after another wild and wooly week for the equities markets — volatility kicked up several notches with earnings reports taking several companies on additional wild rides. Today, I update the Elliott labeling and again can count as complete in the S&P 500 — but, I am not saying that just yet – I review the potential for additional highs — I also update and review the Fibonacci levels – that may be new and those that remain. I continue to feel that the markets are close to finishing the Primary B waves – thus a Primary C wave decline is out there and will occur. Downside targets are not necessarily in “crash” mode but the markets will and need to correct. The major point to remember — it is not the end of the world and it is likely going to be very tradeable!
February 3, 2024