The market turned lower Friday, completing what appears to be an impulse lower since Thursday. A set of sideways corrective-looking waves followed after the morning low. This action since Thursday is very much in line with the wave count from Thursday's update, which suggests a significant high was reached.
The impulse from the December low looks complete. If last week's high is taken out this week, the alternate count above will likely become the primary count. As discussed in the past, this is not expected due to previous wave action which suggests an upward corrective wave is completing since the October low.
A downward flat correction since the July high is the primary count. A test of the October low is expected in the coming months.
In the longer term, there is virtually no reason to believe the rally since March 2009 is complete.
Note:
I will be out of town next week and I cannot guarantee any updates during that time.
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