Saturday, June 8, 2013

Friday 6/7/13 Market Update

There is no change to the wave count since the last update.  The impulse wave higher that appears to have unfolded was followed by a corrective wave lower, then another minor high.  Taken alone, this structure higher since the Thursday low is bullish and suggests additional movement higher, perhaps after a sideways correction unfolds.

On a larger scale, the sell-off since the last all-time high now looks extremely corrective given the Thursday-Friday rally's wave overlaps.

(4) may be complete, but it still appears a bit small compared to (2).  So the wave count presented weeks ago remains the same: sideways wave (4) underway with A now complete and B underway.

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