After the gap open today, it should have been obvious that the market is actually completing an impulse wave higher since the low last week. The "or" count shown in yesterday's update is now the best option.
A second wave or 'b' wave bounce should be underway for the next several weeks. A zigzag family pattern is expected. It will likely be difficult to predict the wave action if a correction is truly underway, but the expectation is for a move above the late August and September highs regardless of the wave pattern unfolding.
An impulse wave lower since May 2011 works well with the short term action and the longer term complete zigzag count that began March 2009.
blog comments powered by Disqus