SP Overview.

The last year, by anyone's measure (except Ben and Tim maybe) has been challenging.  particularly of late, Elliott has at times appeared irrelevant at best. Keeping the big picture in mind is useful in confusing short term action.
 First and most importantly, the .618 retrace of the entire collapse is still resistance, in fact it was hit square on the nose at the highs last week.. Second, the most recent series of abc's is .382 of the first series (of course that is also a result of the .382 support on the pullback and the virtual double top). Within the second series of abc's, the "c"= 1.59 of "a".
BTW  the first structure up of the corrective rally has "c"=.61 of "a",  while the " b" is so full of overlaps and multiple interpretations it HAS to be a "b", hence the unusual labeling.
Despite the many central gov. interventions in free market activity it would seem that Fibonacci ratios are at least still a measure of extremes of market behavior and related legs.


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