SUMMARY
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As a Technical Analyst, economic weakness is first visible in the underlying instrument's price action. In my case, it's Elliott Waves and Patterns. These usually appear ahead of the fundamental news and events that suddenly wakeup to the reality of a recession. This is why I believe that price is the earliest reflection of sentiment and more upstream to fundamentals.
McKesson Corp. (MCK) is well into its correction and has probably already felt the pinch of the economic slowdown months ago. It's currently in a wave 4 (white) correction which is not complete. Since the correction is not wave 2; the depth of retracement probably won't be so deep; hence the economic slump will be a hiccup and not a full blown crisis. That'll probably come after wave 5.
For now, the corrective sequence is labeled as a wxyxz (red). IF this is correct, then one more Z wave decline could complete the correction for wave 4. The subwaves of white wave 3 can be labeled in various ways; but they would all probably conclude that it's complete. The blue subwaves of white wave 1 is showing completion; and so validates the count. Wave 4 can't overlap with this wave 1.
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Elliott Wave Counting Tutorial #1
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Tutorial on the use of Fibonacci & Elliott Waves
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