Sunday, March 10, 2013

Friday 3/8/13 Market Update

There is no change to the count since the last update.  The spike higher Friday morning penetrated high enough above resistance that it looks like part of a 5th wave.  The spike on Friday can be viewed as a 5th wave extension of (v) because it was quickly retraced just after the open.

Prices exceeded the morning high keeping the action looking bullish with more upside territory to be reached in the near future.

A small correction looks underway beginning a the Friday morning high.  So far this looks like a flat with 1542 to be reached soon.  The support just under it established last week should hold.

The significant rally last week may be the majority of a third wave or of a first wave.  In either case, there should be another impulse higher before a break under last week's support.

While an impulse higher since (D) of [B] is possible, its 2nd wave is very difficult to imagine.  It appears that prices should press higher to all-time highs and beyond.  The structure since March 2009, now 4 years old, still looks corrective in nature however.  The long term view has still not changed and still suggests 4th wave action underway since 1999/2000 for 1970s-like action, just on a larger scale.

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