Global equity markets remain within 4th wave corrections. This choppy price action is illustrative of the bulls and bears fighting it out at the end of a trend - we need to keep perspective on where we are in the bigger picture trend - an ending wave. While macro tailwinds (reflation) become headwinds (stagflation) for […]

Equities broke lower early last week to tag our measured targets and test our bigger picture support zone. Our base case for the SPX / ES remains unchanged - that is, this latest decline is expected to be a wave 4 correction prior to a final wave 5 of (5) to new ATH's. While our […]

Equity markets broke lower across the board last week as warned. Importantly, the primary equity indices tagged initial downside targets for a "corrective" decline. However, if our primary count of an expanded flat (3-3-5) is correct, this latest decline should extend lower into 5 waves for red wave (c). While we are open to more […]

Equity markets continue to hold long term trend support as shown in the charts below but the internal wave structures warn of significant downside risks if last week's lows break! So far, the Nasdaq and SPX have declined in a corrective 3 waves of equality from recent ATH's into last week's lows - a break […]

Last week we warned about the potential for a wave (b) top and sharp reversal in equities. Equity markets did reverse impulsively lower and potentially sets the stage for a larger red wave (c) decline. Rising Rates continued to provide headwinds for long duration assets. Despite the risk-off environment, Crude Oil and RBOB continued to […]