Wednesday, June 12, 2013

Wednesday 6/12/13 Market Update

There is a small change to the short term count since the last update, but broader view has not changed.  The pullback over the last three days has been steep, but the retracement level of [a] is not beyond a normal level; remember that an upward zigzag-family wave, not impulse wave, underway since last week's low within (4) has been the expectation.  This is supported by the fact that the sell-off has a very corrective structure, especially considering the Monday-Tuesday action.

The structure lower following the last all-time high has a clear corrective nature.  But 1600 can be reached again this week if the alternate'' count above is the correct one (this is the best alternate count on this scale).

The wave structure in the long term suggests new all-time highs in the coming weeks or next couple months are very likely to be seen.

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