Tuesday, April 9, 2013

Tuesday 4/9/13 Market Update

There is no change to the wave count since the last update.  With a new recovery high today, an impulse higher since the Friday low appears to be complete or nearly complete.  The complete impulse count above is slightly favored, rather than (v) not yet underway, because resistance was reached and prices sharply reversed drawing out a larger pullback than sharp wave (ii).

As the alternate'' count shows, an even more extended sideways correction may be underway.  This is not likely however due to the complexity and size of the correction.

The alternate' count above is a good option.  This count and the short term impulse underway/complete since Friday implies that [C] can be complete.  The base covering the last few weeks seems wide enough to support higher prices however.  And the uptrend is still here and established.

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