Saturday, April 20, 2013

Friday 4/19/13 Market Update

The alternate count in the last update is now the primary count. The reason for the change is due to the downward structure since the all time high and the rebound that has followed.

With the new primary count, there should be sideways action unfolding within (4) in the weeks ahead before the uptrend resumes.

A double zigzag down clearly looks most likely.  This became a significantly higher probability on Friday mid-day when the market pulled back briefly then continued higher into the close showing something more than a brief rally higher underway.  Now essentially the only bearish count remaining is a complete 5 waves down, a poor option because of the lack of proportionality of its corrective waves and the structure of the ending diagonal 5th wave that is required to make an impulsive wave count valid.

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