Tuesday, April 16, 2013

Tuesday 4/16/13 Market Update

The alternate'' count from the last update is now the primary count.  For this count to remain valid and for [C] to be complete, wave [ii] must be complete or nearly complete.

The best alternate count is wave (4) underway.  It is a good choice in the short term, but not a great count in the longer term.  This would make a double zigzag down unfolding since the last all time high likely.  Then today's action would be an impulse in the 'x' wave of this double zigzag.

Today's rally does resemble an impulse, but it counts very well as a triple zigzag.  Tomorrow's action should be important in determining the correct wave count.  Putting all potential options together, a gap higher is very unlikely tomorrow but a morning pullback looks likely.

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