Wednesday, March 6, 2013

Wednesday 3/6/13 Market Update

In the last update it was stated that there was an "extremely bullish look" to the waves since (1).  Moving up strongly so far this week in an impulsive fashion, the market has correlated well with this view.

The sideways consolidation over the last few days may be a complete triangle.  Even if there is some other pattern going on, the sideways action is bullish: a new high to come noticeably above the current one is likely.

A zigzag higher since 2 is possible for wave 'b' or 'x' of a sideways correction.  This would be a corrective move with a good chance of its high eventually being taken out. More likely is an impulse higher unfolding since (2).

1550 should easily be taken out soon, maybe tomorrow, to invalidate the ending diagonal alternate count.

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