Tuesday, October 16, 2012

Tuesday 10/16/12 Market Update

There is no change to the count since the last update.  The market is still in an uptrend since March 2009 and likely just completed a multi-week correction.

A complete double zigzag down is the best estimate of action since the last recovery high.  Wave [b] of Y may be an incomplete flat.  Since flats are 3-3-5 patterns,the impulsive rally higher since Friday last week may be wave 'c' of this flat.

The rally since Friday should continue until an impulse wave is drawn out.  The primary count for this wave is 1 of (5) higher where today we clearly saw the core of it.  As is typical for second waves, a sharp pullback should follow 1.

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