Sunday, June 23, 2013

Friday 6/21/13 Market Update

There is no change to the wave count since the last update.  An impulse wave down since the Tuesday high now looks complete with a rebound underway

The most bearish count (also the worst alternate count, alternate'' 2) suggests this rebounding wave should last for at least several days (it can be sharp or sideways).  More likely however is a complete wave (4) (alternate'') or B of (4) underway (the primary count).

(4) looks satisfyingly large in relation to (2), but its subwaves work better with the primary count.  But in any case, another impulse to an all-time high is expected at some point.  It is hard to imagine that this will not occur when looking at waves in the daily chart above.  Supporting this is the sell-off following the last all-time high that looks very corrective.

In the very long term, this wave count on this page written two years ago is still valid.

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