For the Big Picture, the Russell 2000 is as good as any. The pattern , of course, is identical to that of the DAX, AEX, FTSE , and half a dozen others. It is different from the SMI or the TSX but nevertheless gives a good roadmap for the world stock markets overall. The 5 waves down is relatively clear and the a-b-c correction back up for wave 2 even clearer. The a-b-c is well formed and retraces about 62% ending just slightly above a wave 4 of previous degree. The speed is a little off but as long as adults engage in games of sophistry , arguing whether or not a voluntary default is a default, anything is possible. The most reasonable take on this is that we will soon be in wave 3 down, that is when things get serious.