Wednesday, January 23, 2013

Wednesday 1/23/13 Market Update

The very short term count was modified to an alternate found in the last update, but this has no meaningful impact on the more central, longer term views expressed here.

A clear impulse wave higher that began Monday appears to be complete.

There is also an impulsive structure higher that has unfolded over the past two weeks.  This is following a very small corrective wave within a structure since November that looks highly corrective.

A new alternate count has been introduced and it looks stronger than the now second alternate above.  The primary count is still the strongest however.  This count suggests the bearish rising wedge pattern to be complete as an ending diagonal.  A new 3 or 5 wave decline should begin now that will eventually likely test the 2003 and 2009 lows.  A sharp breakdown should initiate this move in the coming months.

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