Wednesday, March 13, 2013

Wednesday 3/13/13 Market Update

The short term count has been reworked a bit since the last update but the message has not changed: the wave action is bullish in the short and intermediate terms.

The near recovery high today gives a bullish appearance to the action since yesterday.  It is likely that a new recovery high will be seen soon.  Wave [ii] may be complete now, but a test of this week's lows is possible if [ii] is still incomplete as a sideways correction.

It is difficult to image a complete impulse higher since the end of zigzag (2).  At the very least there should be a 4th wave underway to give better proportionality to the 2nd.

Clearly an uptrend is underway with higher highs and higher lows.

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