Tuesday, February 5, 2013

Tuesday 2/5/13 Market Update

The possibility of a top reached on Friday looked promising at the close Monday, but today's action clearly invalidated that option.  The alternate count in the last update (where the last few days of it are illustrated above) is now possibly the primary count: it is a dramatic change.  It calls for an impulse higher since the 12/31/13 low.

Also possible is the same primary count found in the last update but with a triple zigzag wave [5] underway since the November low.  This count seems to work best with the bigger picture since March 2009.  Note that [3] is shorter than [1], so [5] has a limit.

In any case, the wave down beginning Friday should be underway as a flat.  If the alternate count in the last update is correct, wave (3) is shorter than wave (1) so (5) should also be relatively brief.

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