Saturday, February 2, 2013

Friday 2/1/13 Market Update

It was stated in the last update that "the Alternate' count is a very good count and is essentially the same probability as the primary."  That count is now the primary count.

An impulse wave higher since Thursday should reach only a handful of points higher if it is not already complete.

The best alternate count is the first one above.  It calls for an impulse higher since late January to complete the rally since March 2009.  Notice that the impulse marked wave B above looks about complete, so the pullback that should follow will help determine which count is correct.  1496 and then 1490 should be broken to start things moving to the downside.  If these levels do not hold, look for the alternate count to become the primary.

Considering other options, the primary count with ending diagonal above works best with the action seen since March 2009.  The alternate count on the other hand has some issues with wave proportionality.

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