Sunday, October 28, 2012

Friday 10/26/12 Market Update

The alternate count in the last update is now the primary count.  Wave (4) appears to be complete following another motive wave lower, an ending diagonal, that began Monday when the last update was posted.

Support should be found at the lows reached this week.  If this does not hold, a more major top is likely already complete at the last recovery higher or one of the swing highs following it.

Even though wave (ii) looks like a flat, a complete ending diagonal wave [c] lower looks like the best estimate of recent action.  This is a very complex set of waves that could be an upward correction, but the zigzag down on Monday is hard to incorporate into a count like this.  A clear impulse wave higher Friday appears to be initiating an upward rally.

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