Friday, January 4, 2013

Friday 1/4/13 Market Update

Even though the very short term labellings marked on the 31st in the last update were moved a bit, the result over the last few days, as anticipated, was bullish.

The market should be in a corrective state following the massive rally although the alternate above is not a bad option.

It is still very difficult to make out a good impulsive count higher following the November low.  A double zigzag wave underway since this low looks best and works very well with the longer term count.

An ending diagonal looks nearly complete.  This primary count is very strong while alternate counts look weak.  In terms of the subwaves of varying degrees fitting well with the labellings, since March 2009 this count is excellent.  In other words, there is a strong probability that the market will see a significant top soon.  ~1500 should mark the end of the rally since March 2009; it appears that 1475 will be surpassed given that only A of (Y) is complete or nearly complete and there was almost a new recovery high already.

An even longer term count is still here.

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