Wednesday, September 26, 2012

Wednesday 9/26/12 Market Update

Given the size and retracement of the correction underway since the last recovery high, expected to be wave (4), and the alternation of this downward wave with sideways wave (2) (this is a sharp correction), the count is for a complete single zigzag wave (4).

Support was found today and this should hold action if the uptrend is still underway.  One more low is possible if wave C is incomplete (where it is subdivided), but this is not expected.  As an alternate, the labeled wave (4) above can be wave A of (4).

In the longer term, a complete or completing ending diagonal is still possible.

In the shorter term, there was very likely an impulse down since Tuesday.

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