Sunday, April 14, 2013

Friday 4/12/13 Market Update

The wave count has changed to the alternate' count in the last update.  It suggests a complete double zigzag wave since Match 2009.

The reason for the change is due to the complete impulse higher that began 2 weeks ago.  There are now 5 waves higher since 12/31/12, the day when impulse [C] is believed to have started.  Wave (1) has its 1st wave extended and wave (3) its 3rd wave extended with a clear and powerful core. Wave (5)'s core was fairly low in the wave with the 5th waves stretching the wave higher.  Wave (2) is a sharp and simple correction while wave (4) is a sideways and complex correction.  All of these features of [C] work perfectly with the wave count.  The only problem is that (3) is not the longest wave which would be typical.  But the technically overextended nature of the rally seems to make a good deal of sense with the wave count.

Although not a great start to a downmove, 5 somewhat odd waves down can be found.  The bounce higher does however resemble a complete zigzag and was a weak bounce.

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