Sunday, September 16, 2012

Friday 9/14/12 Market Update

There is no change to the count since the last update; the market is likely still completing a motive wave higher that is an impulse wave (the primary count) or an ending diagonal (the alternate count).  The pattern higher since March 2009 still looks corrective.

The strength seen last week is a fairly bullish sign for the market in the medium term, but the alternate ending diagonal count still remains.  Continued strength higher should remain if [3] is really underway.  Keep in mind that [4] should not enter wave [2] territory, so a continued rally within [3] is required in order for the primary count to remain valid.

In the short term, an impulse higher looks incomplete.

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