Wednesday, May 22, 2013

Wednesday 5/22/13 Market Update

There is no change to the wave count since the last update.  Although wave [v] is one of the worst impulse waves of its size that you will ever see in the S&P 500, the sell-off following the day's highs was definitive and big enough to look like something more than a small corrective wave like the ones seen since the April low.

There are some other ways to count 5, but it looks more complete than not.  If it is incomplete, then the strong wave down today is probably a complete zigzag wave [iv] where the core of the post-April low impulse is 5/14.

Wave 5 is quite long now, but it still works best as a 5th wave given the larger structure preceding it.

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