Saturday, June 1, 2013

Friday 5/31/13 Market Update

Since the last update, there is only a change to the labels on the very short term waves.  The entire structure since the last all-time high seems to best resemble a developing single or double zigzag down with a triangle in the middle.  For simplicity, the single zigzag option is preferred.

If the primary count is correct, more downside to give better balance to the pattern looks likely.  An impulse down following last week's high is possible, but the short term waves seem to work a little better with the primary count.

Based on the primary count, it now looks like the correction lower will terminate above 1600.

In the longer term, price must reverse soon to preserve the more bullish alternate count.

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