Wednesday, June 5, 2013

Wednesday 6/5/13 Market Update

A wave count very similar to the one in the last update is the primary count.  An impulse wave down since the Tuesday high appears to be complete or nearly complete.  Its termination should prove to be a significant low in the short term.

The wave count since the last all-time high is not crystal clear, but it does look corrective.  If the Tuesday low is soon overlapped, it will be very difficult to find any impulsive option lower.

Since the pullback since the all time highs looks like a double zigzag and it is still small compared to (2), a sideways wave (4) appears to be underway which should take weeks more to complete.

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