S&P 500 Elliott Wave Weekly Update - Friday, Feb 6

By Michael Filighera of Logical Signals

Technical Analyst & Trader • Feb 7, 2026 at 2:15 AM EST

A powerful short-term rally on Friday, February 6, pushed the Dow Jones Industrial Average well above the 50,000 milestone and sparked a significant rebound in the S&P 500.

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In this week's podcast, I discussed the current state of the market cycle, noting that Cycle 3 began in April 1949 and has been in motion for 77 years. I highlighted significant market events, including the Great Financial Collapse of 2008, and the decoupling of gold from the U.S. dollar in 1973. I emphasized that regardless of whether one counts this as a cycle, supercycle, or grand supercycle third wave, all point to the same endpoint for the long-awaited correction, which I estimates will reach around 667.

I discussed the analysis of market waves, focusing on a leading diagonal pattern and its implications for future market movements. I noted that wave 1 could be the longest in a leading diagonal, with wave 3 not being the shortest. I compared the cash and futures markets, observing that the cash market was cleaner. I adjusted the analysis, considering overlap in waves and potential corrections, but concluded that there was still upside potential in the market.

Video Length: 00:31:52

More By This Author:

Nasdaq 100 Elliott Wave Daily Update - Tuesday, Feb 3
Nasdaq 100 Elliott Wave Weekly Update - Sunday, Feb. 1
Nasdaq 100 Elliott Wave Daily Update - Wednesday, Jan 28

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