Sunday, May 5, 2013

Friday 5/3/13 Market Update

The short term count has changed since the last update, but the longer-term view remains unchanged: a sideways corrective wave is likely underway since 4/11/13.

The rally that began 4/18 can develop into an impulse wave with Friday's gap as its core, but the corrective wave in between is shallow and sideways which is not common for second waves.  The wave higher since 4/18 is best viewed as a complete single zigzag or a nearly complete double zigzag.  The incomplete double zigzag count labeled here in color is favored by a small margin.

Short term action tomorrow is uncertain, but it appears that there have been two impulse waves down following the high on Friday.

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