The market made a strong move lower today. An impulse lower still underway appears to be the best count in the short term.
With the wave crossing today, a complete corrective wave since early October is the primary view. So the short term alternate count in Friday's update is now the primary count with the longer term view unchanged.
There is a distinct 3-wave characteristic to the October rally. If last week's low is taken out, there is a very good chance a corrective wave since October is complete; it will be nearly impossible to label the rally as an impulse wave.
The downward move since May 2011 is best counted as an impulse wave given the strong move lower within its middle section. A corrective upward bounce makes sense in the larger context.
An even longer term view can still be found here. A zigzag wave from March 2009 to May 2011 is clearly the best option.
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