Thursday, June 20, 2013

Thursday 6/20/13 Market Update

The market had a big sell-off today to complete or nearly complete an impulse lower that began at the Tuesday high.  After spending quite a bit of time today thinking about all the options, the three best on the intermediate scale are above.

The primary count is an excellent fit with all sub-waves.  It suggests a test of the all-time high for a flat B wave, then an impulse down to perhaps the current level to complete a flat wave (4).  The first alternate' count has its only problem in early June with the structure of X questionable.  Notice that it does suggest (4) is complete (and (4) is now reasonably sized in relation to (2)).

In the longer term, an all-time high in the future still seems very likely.

Tomorrow a quick new low of a few points is possible, but prices should quickly move higher soon.

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