Wednesday, September 19, 2012

Wednesday 9/19/12 Market Update

In the short term there is a slight change to the count since the last update due to the width of the correction since the last recovery high.  The larger message remains exactly the same however; the market still appears to be in a 3rd wave higher since June with very good alternate counts being a completing or nearly complete ending diagonal that began November 2011 or July 2010, respectively.

When complete, the impulse higher that began this month could complete an ending diagonal that began July 2010.  A double zigzag since June, which could be a 3rd or 5th wave of the the ending diagonal alternate counts, is not a bad assessment of this summer's action.

There is clear wedging to the advance over the last few years and so far a fairly weak advance since June relative the the previous wave higher, so the ending diagonal options should be taken seriously.  Ending diagonals are fairly rare patterns however and the advance over the past few years counts somewhat better as described above in my opinion.  In addition, with still 2 incomplete impulse waves, wave [3] is likely weeks away from completing and possibly more if it has subdivided as the "or" count in the second chart describes.

Last chance!
As mentioned in Elliott Wave International's publications, I will be teaching a live seminar this weekend entitled, "Introduction to the Elliott Wave Principle-One Day Seminar". Find out more about this course and read my bio here. Elliott Wave International interviewed me not long ago. Find that interview here.  See you at the seminar!

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