Wednesday, February 20, 2013

Wednesday 2/20/13 Market Update

There is a good chance the high reached yesterday is a top of some degree.  Following the same long term primary count, it is marked as the completion of the rally since March 2009.

The rally following the February low best resembles an impulse wave.  A sideways correction underway since early February is now a very weak option.  The best alternate is an impulse higher still underway since the December low.  To keep proportionality with 2, the pullback that began today should be small to probably not even reach 1495 much less exceed it.

An impulse wave down still developing is clearly the best count even though there are a number of ways to label it.  All in all, the market action today works very well with the primary wave count.

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