Monday, September 24, 2012

Monday 9/24/12 Market Update

In the long term, there is no change to the count since the last update.  The market appears to be completing an impulse wave c higher.  An ending diagonal higher underway is still a good alternate count, but the impulsive primary count is now a greater probability because of the short term action the last week or so.

There is some revision to wave 5 due to the width of the downward or sideways action underway the past week or two.

The action above looks corrective and may be a double zigzag down with the first zigzag complete.  Because (2) is so large, this double zigzag should be wave A of (4).  So there is room for [4], (4) should not retrace a great deal of (3) and the market is on track to do this.  Finally notice that the alternate ending diagonal counts work best with a complete 3rd wave or 5th wave top at the last recovery high.  A downward corrective structure and no reversal down is what makes the primary count expressed here a better option than it was last week.

blog comments powered by Disqus