Saturday, September 29, 2012

Friday 9/28/12 Market Update

There is no change to the long term count since the last update; the primary count is an impulse wave c underway.  An excellent alternate count is a (probably) complete ending diagonal wave c.

There was a nice bounce off the low last week, but prices broke down again to nearly reach another low within this downward wave since the last recovery high.  Because of this action, a complete ending diagonal is a fairly strong option.  To preserve the impulsive wave c count the market must find support soon and rally in a decisive manner.  If last week's support is broken, this zone should soon be re-entered if a bullish market is to be maintained.

In the short term, a zigzag higher looks fairly clear and this is a corrective wave.  The trend looks down in the short term.

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