Sunday, June 16, 2013

Friday 6/14/13 Market Update

There is no change to the primary wave count since the last update.  Notice the corrective-looking structures of the downward Monday-Thursday and Friday waves.  On the other hand, the Thursday wave higher looks like a clear impulse.

The most bearish option on the scale above suggests a possible re-test of the 1600 area before the last all-time high is tested (the "or" count above).  But even this option suggests at least a reach of this week's high, maybe higher, before that happens.  This is mainly due to the fact that the Monday-Thursday sell-off has a double zigzag characteristic, so it should be at least nearly totally retraced because an ending diagonal beginning where it started makes little sense with the preceding waves since the last all-time high.

The market should continue its stall before another meaningful rally begins.

blog comments powered by Disqus