Monday, April 15, 2013

Monday 4/15/13 Market Update

There is no change to the wave count from the last update.  It is a strong option relative to the other alternate counts.

The market sold off hard today in what was likely a 3rd wave lower.  A sideways 4th wave is expected for at least most of the day tomorrow.  If 1568 is exceeded, the alternate'' count will likely be favored.

In the short term, an impulse down still unfolding since the last all time high is favored over a zigzag because the two impulses down, 1 and 2, are not very proportional with one another.  This makes sense with the longer term count where (5) has been heavily retraced making a visit to the upper 1530s likely.

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