Friday 12/14/12 Market Update

Since the last update there is a minor change to the short term count, but there is no other change otherwise.

At the high this week, a complete wave '2' within a new downtrend is possible.  The bounce since the November low looks like a correction, but a zigzag family pattern to a new recovery high has been expected.

The pullback over the last few days should have corrective characteristics and this is already apparent with the action Friday.  There was a hesitant sell-off for a choppy downward move that in turn gives more than an impulse down Since Wednesday (unless the 5th is an ending diagonal).  There is a second wave missing with perhaps a 'b' wave of a zigzag underway or complete.