Saturday, April 27, 2013

Friday 4/26/13 Market Update

The impulse wave that started 4/18 had a bit higher to go than suggested in the last update, but the wave still looks like a clear impulse.  Although it can fit into the short term picture in various ways, the pullback that began at Thursday's high looks like a clear, complete 3-wave corrective move.  The bounce that ensued looks like an impulse wave.

Wave [b] looks small in relation to [a], but this is acceptable in a zigzag where a 3-wave advance since this month's low works well in the context of a sideways correction underway since (3).

The alternate count calls for a significant top reached Thursday, but this is not a strong option given the complexity and size of what would be wave (4).

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