There is no change to the count since the last update, but the alternate complete ending diagonal count is now a considerably smaller probability than before.
There was almost a new recovery high this week within the corrective-looking bounce higher that began at the late September swing low. So a zigzag-family pattern count since the June wave [2] low is difficult to visualize and count, thus the ending diagonal counts are no longer as desirable as before.
Wave (4) looks like a flat or some other sideways pattern still developing. A test of the wave A ow W low looks likely in the near future.
An impulse wave higher since Tuesday is possible, but the action higher preceding this (a series of choppy zigzag-like waves higher) makes this option a low probability. There are still many acceptable counts for the action following the late September low however, so a relabeling of the B wave may happen next week. A new recovery high would not necessarily invalidate the longer term incomplete wave (4) count.
blog comments powered by Disqus